Fun

BTC price inches from new surge at $71K — Bitcoin Pi Cycle Top metric

News Feed - 2024-04-12 07:04:00

William Suberg13 hours agoBTC price inches from new surge at $71K — Bitcoin Pi Cycle Top metricBitcoin is consolidating immediately below a key bull market breakout level, which sparked the rapid run to all-time highs in both 2017 and 2020.2603 Total views21 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) is eyeing a classic breakout move that preceded both its 2017 and 2021 all-time highs.


In an April 12 X post, popular trader Jelle flagged a key crossover due on Bitcoin’s Pi Cycle Top indicator.Bitcoin Pi Cycle Top breakout tantalizingly close


Pi Cycle Top is a classic Bitcoin bull market observation tool. Consisting of two moving averages, it has consistently delivered macro top signals for BTC price action.


Now, Jelle notes, price is coiling beneath the indicator’s longer-timeframe trendline — the 2X multiple of the 350-day moving average, currently at $76,000, per data from on-chain analytics firm Glassnode.


“Once Bitcoin breaks the Pi Cycle moving average — all bets are off,” he wrote in accompanying commentary.“It"s currently consolidating right below it — just like it did in 2020.”Bitcoin Pi Cycle Top indicator. Source: Glassnode


Pi Cycle Top effectively measures that moving average with Bitcoin’s shorter-term 111-day counterpart. Macro tops come when the latter crosses the former.BTC price consolidation well within historical norms


As Coitnelegraph continues to report, BTC/USD has spent multiple weeks consolidating around its previous all-time highs of $69,000 set in November 2021.


Related: Bitcoin RSI points to short-term gains as metric signals BTC price top


While such price action has unnerved some market participants, others, including Jelle, see it as healthy behavior around such a critical psychological line in the sand.


In both 2017 and 2020, Bitcoin made similar moves, consolidating at all-time highs for 50 days and 2021 days, respectively.


“Currently we’re sitting at 37 days of consolidation around the previous all time high,” fellow trader Daan Crypto Trades wrote in part of a recent X post on the topic.BTC/USD chart. Source: Daan Crypto Trades


Continuing, Jelle maintained a near-term BTC price target of more than $80,000.


“This ascending triangle has a target of $82,000,” he explained alongside a chart showing current market structure.“I doubt bears can defend $71,500 for much longer. Bring on price discovery.”BTC/USD chart. Source: Jelle


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reaction

News Feed

UK Tax Agency to Pay $100K for Blockchain Surveillance Software
UK Tax Agency to Pay $100K for Blockchain Surveillance Software On January 17, the UK tax agency Her Majesty’s Revenue and Customs (HMRC) published a job opportunity for a
Bitcoin, Ethereum Technical Analysis: ETH Remains Above $3,000 as Markets Consolidate
Bitcoin, Ethereum Technical Analysis: ETH Remains Above $3,000 as Markets Consolidate Following yesterday’s rally in crypto, prices consolidated on Wednesday, as markets wer
Devs Send the First Dogecoin Transaction Without Internet via Radio Doge
Devs Send the First Dogecoin Transaction Without Internet via Radio Doge According to Dogecoin developer Michi Lumin, a DOGE transaction was sent via radio using a protocol called
IMF: India Is on the Frontline of Digital Currencies — Especially How It Handles Crypto Risks
IMF: India Is on the Frontline of Digital Currencies — Especially How It Handles Crypto Risks International Monetary Fund (IMF) Managing Director Kristalina Georgieva says India
Cardano Price Breaks Down From Ascending Channel, Here Are Two Ways It Could Go
Este artículo también está disponible en español. A crypto analyst has confirmed a recent breakdown of the Cardano pricefrom an Ascending Channel pattern. With key suppor
Savannah Fortis13 hours agoDOJ seeks to bar Sam Bankman-Fried’s expert witnesses from testifyingIn a new motion submitted to New York courts, the U.S. Department of Justice wants to exclude all of Sam Bankman-Fried’s
Raoul Pal: Bitcoin Could Hit $450,000 In Liquidity-Driven Supercycle
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ross Ulbricht’s 9th Price Analysis Predicts Bitcoin Prices Below $3,000
Ross Ulbricht"s 9th Price Analysis Predicts Bitcoin Prices Below $3,000The founder of the Silk Road marketplace, Ross Ulbricht, has published another analysis that attempts to predi
Bitcoin’s short-term holder realized price hits $64,000, confirming BTC rally
Nancy Lubale4 hours agoBitcoin’s short-term holder realized price hits $64,000, confirming BTC rallyThis group mainly consisted of those who purchased BTC before and after the approval of the U.S. spot Bitcoin ETF in J
Bitcoin To $400,000, Solana To $420, Ethereum Dead Weight, Says Fund Manager
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Martin Young4 hours agoWinRAR patches zero-day bug that targeted stock and crypto tradersAccording to cybersecurity firm Group-IB, weaponized ZIP file archives were being shared on crypto trading forums, with each one co
Darknet Giant Empire Market Offline for 36 Hours, Blame Cast at Massive DDoS Attack
Darknet Giant Empire Market Offline for 36 Hours, Blame Cast at Massive DDoS AttackAccording to a number of sources, one of the largest darknet markets in the world, Empire Market h