As a seasoned crypto investor with a knack for reading market trends and on-chain metrics, I see the recent price action of Bitcoin as a promising sign of things to come. The consolidation below $60K has been testing our patience, but the sudden surge to an 8-day peak today is a clear indication that the bulls are not ready to give up yet.
Bitcoin’s price has been consolidating below the $60K level over the last few weeks.
But a shift could be on the horizon, as the value of the asset reached nearly $58,500, marking an 8-day high, just this morning.
Technical Analysis
By Edris Derakhshi
The Daily Chart
As of the daily chart, the price has bounced back after hitting the $52K support point and surpassed the $57K threshold again. In the near future, it appears that the market may move upward, aiming for the $60K resistance point.
Currently, the Relative Strength Index (RSI) is rising above the 50% mark, suggesting a possible brief upward trend ahead.
The 4-Hour Chart
As an analyst, I’ve noticed that the 4-hour chart exhibits a traditional bullish movement structure. Previously, the market was trending downward within a descending channel. Yet, more recently, it appears to have shattered this resistance, hinting at potential upward momentum.
According to traditional price analysis, this pattern is likely to trigger a surge in prices, possibly leading us towards the $60K and potentially reaching $64K. However, it’s crucial that the price maintains its position above the $57K as a critical support level for this prediction to hold true.
On-Chain Analysis
By Edris Derakhshi
Bitcoin Exchange Whale Ratio
Despite Bitcoin’s current price stagnation being somewhat frustrating, the fundamental market conditions have undergone significant shifts. As a result, analyzing on-chain metrics could prove quite advantageous.
Here’s a more conversational way to explain that sentence:
As the chart suggests, the Exchange Whale Ratio metric has been rapidly surging during the recent consolidation. This indicates that many large transactions are happening, as some market participants are distributing their BTC while others are accumulating. While the effects of this shift on the price remain to be seen, a significant price move is probable.
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2024-09-12 15:12