As a seasoned crypto investor with a decade under my belt, I’ve weathered more market storms than a lighthouse keeper. The recent developments have me feeling more bullish than a rhinoceros with a sunroof.
Creditors associated with Mount Gox are not liquidating their Bitcoins, while institutional investors are still purchasing Spot Bitcoin ETFs. Technical signals suggest a significant shift might occur in the Bitcoin market – could we be witnessing a price surge?
Bitcoin holders not selling – Fear is dissipating
A significant shift is sweeping through the entire cryptocurrency sector. Contrary to widespread expectations, large sell-offs from established entities haven’t occurred in substantial quantities. Instead, shrewd investors who have obtained their Bitcoin might be betting that this Bitcoin market bull run is far from finished, and they are choosing to hold on tight.
Yesterday, the Fear and Greed Index, which assigns scores to market trends, showed a level of intense fear with a score of 26. Today, despite remaining in the fear category, the score has significantly increased to 39, suggesting that greed may not be too distant.
Bitcoin breaks out of triangle
For a brief period, the Bitcoin price appears to have burst free from a symmetrical formation (a triangle), suggesting a successful breach. However, it is yet unclear if the price will continue to rise and surpass the significant barrier at approximately $63,000, which serves as primary resistance.
Bump and run chart pattern
Popular YouTube personality MMCrypto recently shared a video discussing the “Bump and Run” chart pattern that’s currently active. If this trend persists, it could lead to significantly higher prices down the line.
RSI about to break trend?
Looking at the broader weekly perspective, we can identify significant resistance around $61,000. At the base of the chart, the Relative Strength Indicator (RSI) is nearing its downward trajectory. If it breaks this point, it might indicate the initiation of a fresh upward movement. This potential surge in Bitcoin could mark its true takeoff.
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2024-08-22 16:11