The price of Bitcoin hovers around the $60,000 threshold without advancing any farther. It remains to be seen if the market will retreat lower or reach a new peak in the near future.
Bitcoin Price Analysis: Technicals
By TradingRage
The Daily Chart
Each day on the graph, the cost has been turned away from the $70K barrier and is heading back toward the $60K area of underlying support for another look.
If Bitcoin falls below $60,000, the chance of it dropping further down to around $52,000 increases significantly. Conversely, if Bitcoin manages to rise above $68,000 and set a new record high, reaching even greater heights seems imminent.
The 4-Hour Chart
On the 4-hour timeframe, the price has formed a compact trading range in the past several weeks. Lately, the price has been prevented from dipping below the range’s bottom due to support from the market. However, the market is showing signs of returning to this region once more.
If the Relative Strength Index reads below 50, there’s a possibility that the current price pattern may break down. This could lead to a significant drop in price.
Sentiment Analysis
By TradingRage
Bitcoin Funding Rates
During Bitcoin’s recent price decline, some investors ponder if this marks the end of the bull market or just a regular market correction. By examining indicators in the futures market, we can gain useful information about the broader market mood.
The graph displays Bitcoin funding rates, representing the degree of eagerness between buyers and sellers in executing trades. A positive figure suggests optimistic outlook, whereas a negative value indicates a pessimistic market attitude.
Based on the graph’s indication, the funding rates have noticeably dropped off after the latest market adjustment. The figure now hovers around zero, indicating that market sentiment is currently neutral. Although not always desirable, decreased funding rates imply that the futures market has calmed down. If there is a considerable increase in demand for spot market prices, there could be a lasting price surge in the upcoming weeks.
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2024-04-17 16:51