- Bitcoin has a bullish market structure on the daily timeframe.
- The significant capital inflow and strong momentum favored an upward move on the daily chart.
As a researcher with experience in analyzing cryptocurrency markets, I believe that Bitcoin’s bullish market structure on the daily timeframe is a promising sign for investors. The significant capital inflow and strong momentum favor an upward move, as evidenced by the technical indicators such as the CMF and RSI.
Bitcoin’s demand from Exchange-Traded Funds (ETFs) noticeably surged a month following the halving occasion. According to AMBCrypto’s analysis, Bitcoin has been outperformed by alternative coins in recent times.
In a recent analysis by AMBCrypto, they noted similarities between the market conditions following Bitcoin’s halving in 2020 and the present situation. According to the Rainbow Chart, Bitcoin remains within the buy range. Does this analysis align with current Bitcoin price predictions?
Bitcoin bulls are not willing to force the issue yet
As a market analyst, I’ve observed some interesting price movements in Bitcoin over the past day. The cryptocurrency dipped below the 61.8% Fibonacci retracement level, which is marked at approximately $59,400, during early May. However, it bounced back just as swiftly, indicating a bullish trend.
The short-term range, represented by the purple line, has shifted from being a resistance level at $67k to a support level instead. Additionally, the Moving Average Convergence Divergence (MACD) indicator indicated a reading of +0.12, signaling a notable influx of capital into the market.
As an analyst, I’ve noticed that the Relative Strength Index (RSI) on the daily Bitcoin chart remained above the neutral threshold of 50. This indication suggested the presence of bullish momentum in the market. Combining this technical signal with other relevant indicators, my analysis led me to a bullish prediction for Bitcoin’s price trend.
This implies a search for shorter-term liquidity and signals a period of price consolidation. However, the longer-term uptrend is expected to resume shortly. The Fibonacci extension levels at $79,200 and $88,100 represent potential targets for buyers over the next few weeks.
Does the liquidation cluster to the south warrant Bitcoin’s attention?
Based on the information from Hyblock, there is a concentration of liquidation levels in the range of $66,200 to $66,700. It’s possible that Bitcoin could experience a price drop and reach this area.
Read Bitcoin’s [BTC] Price Prediction 2024-25
As a crypto investor, I can tell you that the recent sweep of Bitcoin’s liquidity at the $67,800 level could potentially provide the necessary push for Bitcoin to rebound and challenge the resistance zone around $71,200 once again.
Traders should be ready for different results and adjust their risk management consequently. The market might experience short-term fluctuations, potentially leading us back to the $66.5k mark, offering a favorable purchasing chance.
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2024-05-28 16:07