Bitcoin [BTC] poised for bullish breakout while maintaining crucial support level
The post Bitcoin [BTC] poised for bullish breakout while maintaining crucial support level appeared on BitcoinEthereumNews.com.
Bitcoin continues to hold above a significant support level, indicating potential future upward momentum. On-chain metrics suggest increased buying pressure and confidence among miners and long-term holders. Historical data and technical indicators point towards a possible bullish trend for Bitcoin in the near term. Can Bitcoin maintain its crucial support and kickstart a bullish rally? Explore the indicators and historical trends shaping the future of BTC. Bitcoin’s Crucial Support Level Bitcoin [BTC] has held firm at a significant support level despite recent market volatility. The cryptocurrency’s weekly chart remains in the red, with only marginal price increases over the past 24 hours. At the time of writing, BTC was trading at $59,443.16, bolstered by a market capitalization exceeding $1.17 trillion. According to respected analysts, Bitcoin’s price has been maintaining position just above a critical trendline, reminiscent of patterns observed in 2021 and 2022 that led to subsequent price rebounds. Potential for Historical Rebound Historical data suggests that Bitcoin’s current price action might lead to a bullish rebound. Similar trendline interactions in previous years resulted in significant price rallies. Current on-chain data from CryptoQuant reveals a declining exchange reserve for BTC, indicating heightened buying pressure. Furthermore, the Miners’ Position Index (MPI) shows that miners are selling fewer BTC holdings, reflecting their confidence in the cryptocurrency’s future appreciation. Long-term holders are also displaying less movement, a bullish sign of anticipation for price increases. Technical Indicators and Analysis Further insights from Glassnode’s data corroborate the bullish sentiment. The Pi Cycle Top indicator places BTC’s price under its potential market bottom of $63.7k, suggesting a strong likelihood of reaching this price point. Additionally, Bitcoin’s daily chart reveals a symmetrical triangle pattern, supporting a bullish outlook. The MACD indicator has displayed a bullish crossover, while the Relative Strength Index (RSI) has registered an uptick, both…
Filed under: News - @ August 18, 2024 11:09 am