Fun

3 reasons why Bitcoin traders say a BTC price trend reversal is overdue

News Feed - 2024-05-10 02:05:34

Nancy Lubale6 hours ago3 reasons why Bitcoin traders say a BTC price trend reversal is overdueBitcoin price data makes a strong argument for why the current price range is a buy-the-dip opportunity.4966 Total views30 Total sharesListen to article 0:00Market AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) price is down 1.85% over the last 24 hours and currently trades 17% below its all-time high of $73,835 reached on March 14.BTC/USD daily chart. Source:TradingView


Despite this performance, the technical setup, whale activity and on-chain data show that Bitcoin traders believe a trend reversal toward news highs could be in the making.Bitcoin price retests key support areas


Data from Cointelegraph Markets Pro and TradingView shows Bitcoin price oscillating between $60,648 and $62,800 over the last 24 hours.


Bitcoin’s monthly chart shows the current price range is retesting an area that acted as a resistance when the BTC hit previous all-time highs, as observed by popular analyst Rekt Capital.


According to Rekt Capital, this area is now acting as support for BTC since last month’s halving sell-off did not pull the price below this range.“On the monthly timeframe, Bitcoin is still retesting the old All Time High major resistance area (red) as new support (green).”BTC/USD monthly chart. Source:Rekt Capital


Fellow analyst Moustache made the same observation, sharing a BTC/USD three-day chart showing that the price was trading at a level close to the previous all-time high.


According to Moustache, this has happened only twice in the past—in 2017 and 2020. In both cases, previous all-time highs supported Bitcoin’s price, after which the coin went on a parabolic uptrend, hitting new record highs.Source:Moustache


In another X post on April 25, Moustache commented on a similar set-up on the monthly chart, saying that BTC was going higher after retesting the line.“After reclaiming the line in 2012, 2016 and 2020, Bitcoin was just getting started. This will go much higher.”Whale accumulation backs Bitcoin’s potential upside


Responding to the market’s drawdown over the last few days, Bitcoin whales took advantage of the entry into the “prime buy zone” and bought more BTC in the dips, according to market intelligence firm Santiment.


The analytics firm noted that addresses holding more than 1,000 BTC have “made some accumulation moves over the past 24 hours” as BTC ranged tightly between $61,000 and $64,000.


In a May 9 post on the X social platform, Santiment said,“Wallets with 1K-10K $BTC have collectively accumulated ~$941M worth of coins, rebounding to their highest holding level in 2 weeks. ”Bitcoin 1,000-10,000 BTC chart holdings. Source: Santiment


This means large Bitcoin investors are “showing signs of confidence despite price drop to $62.000,” the on-chain data provider explained.


Overall, this is a positive sign as continued accumulation signals bullish sentiment among this cohort of investors.


Related:Bitcoin price buys time at $61K as US jobless claims hit 9-month highsDeclining Bitcoin balance on exchanges


Data from on-chain metrics analytics firm CryptoQuant shows that BTC balance on exchanges reached a five-year low of 1.927 million BTC after dropping 6.54% over the last 90 days.BTC reserve on exchanges. Source: CrytoQuant


Decreasing BTC balances on exchanges simply means investors could be withdrawing their tokens into self-custody wallets, indicating a lack of intention to sell in anticipation of a future price increase.


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# Cryptocurrencies# Bitcoin Price# MarketsAdd reaction

News Feed

Exploring the CropBytes Metaverse: A Futuristic Crypto Game With Real Economics and Immersive Graphics
Exploring the CropBytes Metaverse: A Futuristic Crypto Game With Real Economics and Immersive Graphics On January 20th, CropBytes, the four-year-old metaverse farming game, is laun
Bill Gates Neutral on Bitcoin but Says Cryptocurrency Is an Innovation the World Can Do Without
Bill Gates Neutral on Bitcoin but Says Cryptocurrency Is an Innovation the World Can Do Without Microsoft founder Bill Gates is no longer a bitcoin bear. He has
Fed’s Brainard Calls for Sound Regulation of Crypto Financial System to Be Established ‘Now’
Fed"s Brainard Calls for Sound Regulation of Crypto Financial System to Be Established "Now" Federal Reserve Vice Chair Lael Brainard has stressed the importance of establishing so
CleanSpark acquires GRIID for $155M stock transaction
Ana Paula Pereira7 hours agoCleanSpark acquires GRIID for $155M stock transactionCleanSpark has acquired GRIID in an all-stock transaction. The deal is expected to add more than 400 megawatts to the company’s power gri
Kevin O’Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — ‘I Think SBF Is Telling the Truth’
Kevin O"Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — "I Think SBF Is Telling the Truth" Shark Tank star Kevin O’Leary and billionaire hedge fund manager Bil
Peter Schiff Warns US Faces a ‘Massive Financial Crisis,’ Economist Expects Much Larger Problems Than 2008 ‘When the Defaults Start’
Peter Schiff Warns US Faces a ‘Massive Financial Crisis," Economist Expects Much Larger Problems Than 2008 ‘When the Defaults Start’ The economist and gold bug Peter Schiff u
Dogecoin Poised For $0.1491 Breakout As RSI Reveals Bullish Potential
Este artículo también está disponible en español. Dogecoin is showing strong signs of a potential breakout, with technical indicators aligning for a possible move toward
Navigating post-halving landscape: What to expect for Bitcoin price and network security
Tristan Greene5 hours agoNavigating post-halving landscape: What to expect for Bitcoin price and network securityWith the April Bitcoin halving looming, the future is as uncertain as ever.10598 Total views3 Total sharesL
Is mysterious ΑΙ ‘gpt2-chatbot’ OpenAI’s next upgrade in disguise?
Savannah Fortis9 hours agoIs mysterious ΑΙ ‘gpt2-chatbot’ OpenAI’s next upgrade in disguise?A powerful new AI chatbot called “gpt2-chatbot” appears on LMSYS Chat and has sparked speculation about whether it c
Prashant Jha14 hours agoTether stablecoin loans rise in 2023 despite downsizing announcement in 2022Tether said the new loans were made at the request of some of its long-standing partners, and it plans to cut it down to
Chainalysis alerts rise in crypto hacks and ransom in 2024
Helen Partz11 hours agoChainalysis alerts rise in crypto hacks and ransom in 2024Cryptocurrency hackers have been returning to their roots to targeting centralized exchanges amid a spike in the Bitcoin price in 2024.948
South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’
South African Central Bank Governor Reiterates: "Crypto Is Not Currency" The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank&#x