As a seasoned researcher and trader with years of experience navigating the cryptocurrency market, I find myself cautiously optimistic about Bitcoin’s near-term prospects. Based on my analysis, it appears that we are currently in a critical phase, with the price consolidating around the $60K level.
The price of Bitcoin continues to hover near the $60,000 mark for now, but a significant surge could start anytime soon.
Technical Analysis
By Edris Derakhshi (TradingRage)
The Daily Chart
On a day-to-day basis, it’s clear that the price hasn’t managed to surge past and firmly stay above the $60,000 mark following its quick decline from the vicinity of the $63,000 point, which represents the 200-day moving average.
After bouncing back from the significant level at $52,500, the price has again approached the crucial resistance zone. This is noteworthy because if the market intends to initiate a fresh surge, it’s essential that both the $60,000 mark and the 200-day moving average are surpassed initially from above.
The 4-Hour Chart
On the 4-hour timeframe, the price has reached a crucial point where it’s probing a significant uptrend line that has held strong over the past few weeks.
Should the current trajectory persist, it’s likely we might see prices surpassing the $60K mark. But if this trendline breaks, we could witness a decline, potentially reaching around $57K, and even dipping as low as the $53K region in the upcoming weeks.
On-Chain Analysis
By Edris Derakhshi (TradingRage)
Bitcoin Funding Rates
Over the past few years, the futures market has had a substantial impact on Bitcoin’s short-term price fluctuations. Examining its overall mood or attitude could prove very advantageous for understanding future trends.
This graph illustrates the Bitcoin funding rate metric, which shows whether investors are primarily buying or selling Bitcoin futures. A positive value suggests buyers are in control (bullish sentiment), while negative values indicate sellers are dominant (fear and bearish sentiment).
Based on the graph, it’s clear that the rates have dropped substantially during the latest market adjustment and recalibration phase. Many futures traders have either experienced liquidation or changed their market outlooks, resulting in them joining the sellers.
Although this indicates a bearish outlook, it might also suggest that the market has cooled down from being overheated. With adequate buying power, a steady upward trend could start shortly.
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2024-09-16 23:30