As a seasoned researcher with a knack for deciphering market trends and a soft spot for Bitcoin, I find myself increasingly optimistic about its current trajectory. My years of observing this digital gold have taught me that when it comes to cryptocurrencies, the only certainty is uncertainty – but there are moments when the stars align, and this might just be one of those times.
Bitcoin appears to be exhibiting robust indications of a bullish comeback, as its value inches closer to the significant resistance point at around $70,000.
purchasers are working towards surpassing a significant limit, with the goal of reaching a fresh record high before the year ends.
Technical Analysis
By Shayan
The Daily Chart
Bitcoin’s daily price movements demonstrate a strong rebound following its stabilization within the Fibonacci retracement levels of approximately $56K (0.5) and $52K (0.618). This support area has consistently thwarted downward pressure, serving as a platform for investors to jump back into the market.
The increased buying activity has helped Bitcoin regain its 100-day and 200-day moving averages, suggesting a change towards positive market sentiment. Currently, Bitcoin is attempting to breach the $70K resistance zone. If it succeeds, this could trigger a significant uptrend, possibly fueled by a short squeeze, further strengthening the bullish trend.
The 4-Hour Chart
On the 4-hour scale, Bitcoin’s bullish energy is more noticeable. The digital currency made a robust rebound at the lower edge of the ascending wedge around $58,000, igniting a powerful surge. This surge propelled Bitcoin beyond its previous substantial peak at $66,000, indicating a new high in the 4-hour period.
Now, BTC is consolidating within a narrow range between $66K and $70K. A breakout above the $70K resistance level and the wedge’s upper boundary would confirm the continuation of the bullish trend, potentially pushing Bitcoin toward a new ATH in the mid-term.
On-Chain Analysis
By Shayan
It seems like Bitcoin’s demand is growing significantly, and it might soon surge past the crucial $70,000 mark. This potential breakthrough could lead to a substantial sell-off among those who have shorted Bitcoin, intensifying its upward trajectory. The futures market also hints at this possibility, indicating that reaching this level could cause a major sell-off among short positions, boosting the overall trend.
The focus of market activity has moved to the price range above $70K, as substantial amounts of liquidity are now concentrated there. This significant accumulation of liquidity suggests that a breakthrough in this region could draw in more buyers and compel short sellers to exit their positions, thereby boosting the overall trend upward.
This scenario points toward a potential short-squeeze, where a cascade of short liquidations could propel Bitcoin beyond $70K. Given the current technical setup and futures market positioning, Bitcoin is expected to maintain upward pressure soon. A breakout could result in a swift move above $70K, with further gains likely as the liquidation process unfolds.
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2024-10-28 14:24