After an extended period of consolidation, Bitcoin’s price has successfully surpassed the critical $30K resistance level. However, it is important to exercise caution within the market, particularly in the short term.
Technical Analysis
By: Edris
The Daily Chart
On the daily timeframe, Bitcoin’s price has experienced a rapid upward movement in the past week, following a strong bounce from the $25K support level. The resistance at $30K has been exceeded, and the price is attempting to maintain its position above it.
However, the RSI indicator currently signals an overbought condition, suggesting a probable correction. If it occurs, the 50-day moving average might act as a support level around $27,500, followed by the 200-day moving average near the $25K region.
Source: TradingView### The 4-Hour Chart
The 4-hour timeframe reflects a similar scenario to the daily chart, with a strong upward movement and breakthrough of resistance levels. The recent rally commenced following the breakout from the descending channel, propelling the price to higher highs above $30K.
Nevertheless, it is important to exercise caution due to a clear bearish divergence observed on the RSI indicator. This suggests the possibility of consolidation or correction shortly, ing investors to remain vigilant.
Source: TradingViewOn-chain Analysis
Bitcoin Long-term holder SOPR
After Bitcoin’s recent rally, many holders who had been experiencing losses for several months are now able to sell and realize profits.
The Long-term holder SOPR metric, depicted in the chart along with a 100-day moving average, indicates the ratio of profits or losses realized by long-term holders. Values above 1 indicate profit-taking, while values below 1 signify losses.
The chart clearly shows that long-term holders, who had been experiencing losses for nearly a year, have now begun to sell at a profit due to the recent price surge. While this situation is not necessarily harmful, it could increase the supply of Bitcoin, and without sufficient demand, it could potentially lead to a subsequent decline in price.
Source: TradingView
Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.
BTC Pumps Toward $31K But is a Correction Imminent? (Bitcoin Price Analysis)
After an extended period of consolidation, Bitcoin’s price has successfully surpassed the critical $30K resistance level. However, it is important to exercise caution within the market, particularly in the short term.
Technical Analysis
By: Edris
The Daily Chart
On the daily timeframe, Bitcoin’s price has experienced a rapid upward movement in the past week, following a strong bounce from the $25K support level. The resistance at $30K has been exceeded, and the price is attempting to maintain its position above it.
However, the RSI indicator currently signals an overbought condition, suggesting a probable correction. If it occurs, the 50-day moving average might act as a support level around $27,500, followed by the 200-day moving average near the $25K region.
The 4-hour timeframe reflects a similar scenario to the daily chart, with a strong upward movement and breakthrough of resistance levels. The recent rally commenced following the breakout from the descending channel, propelling the price to higher highs above $30K.
Nevertheless, it is important to exercise caution due to a clear bearish divergence observed on the RSI indicator. This suggests the possibility of consolidation or correction shortly, ing investors to remain vigilant.
Bitcoin Long-term holder SOPR
After Bitcoin’s recent rally, many holders who had been experiencing losses for several months are now able to sell and realize profits.
The Long-term holder SOPR metric, depicted in the chart along with a 100-day moving average, indicates the ratio of profits or losses realized by long-term holders. Values above 1 indicate profit-taking, while values below 1 signify losses.
The chart clearly shows that long-term holders, who had been experiencing losses for nearly a year, have now begun to sell at a profit due to the recent price surge. While this situation is not necessarily harmful, it could increase the supply of Bitcoin, and without sufficient demand, it could potentially lead to a subsequent decline in price.