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After a notable recovery and reclaiming the critical price level of $100,000, Bitcoin (BTC) has become the center of attention in the crypto market once again. Its performance over the past month showcases a strong rebound, overcoming a 23% hike from its $84,000 low. This resurgence not only saw BTC cross the $100,000 mark, which it lost during the February retreat but also escalate to a three-month zenith of $105,819. As part of this market revitalization, BTC now maneuvers within its post-US election scope, notably fluctuating between $92,000 and $106,000, mere inches below its January all-time high. Yet, the momentum slightly decelerates as it approaches the upper band of its current range, suggesting a potential pause in its ambitious uprising.
The recent market dynamics reveal Bitcoin’s struggle with its newly established thresholds, hinting at a temporary sideways movement before it can charge at its significant resistance levels. Analysts, like those from Daan Crypto Trades, point out the distance from any substantial liquidity clusters as Bitcoin sustains its position afar from the high range of trading after a swift short squeeze. The essential markers to watch include the peaks above $106,000 for resistance and the troughs around $93,000 for support, which were pivotal during the recent breakout. Considering these aspects, Bitcoin’s journey ahead seems to be a path threaded with caution and strategic foresight.
Amidst varied speculations, an interesting perspective comes from The Cryptonomist, which simplifies BTC’s trajectory as moving within a one-month rising wedge pattern. Such movement propounds that if Bitcoin retains its course within this pattern, it could potentially escalate to $110,000-$112,000. Conversely, dropping below the pattern’s lower boundary could jeopardize its support at $100,000, urging the cryptocurrency to close the CME Gap near $92,000 before eyeing a new all-time high. Furthermore, parallels drawn between Bitcoin’s price trends and the Global M2 money supply by market observer Ted Pillows underscore a potential consolidation period aligning with the M2 supply path, hinting at a sideways movement for one to two weeks.
This contemplation on Bitcoin’s immediate future is underpinned by possible consolidation above the $100,000 support, as highlighted by Ted Pillows, suggestive of a bullish signal amidst the final phases of Wyckoff accumulation. The overarching sentiment remains cautiously optimistic, with predictions leaning towards a surge beyond $120,000 post-consolidation, attributed to renewed liquidity influx. At its current stance, trading at $104,916 with a minor 0.5% decrease in daily timeframe, Bitcoin stands at a crossroad, where its subsequent move could not only test its recent support levels but also set the stage for its next significant rally.
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