As a seasoned crypto investor with several years of experience under my belt, I have witnessed the volatile nature of Bitcoin’s price action firsthand. Having suffered through the downward trend since early June, I cannot help but feel a glimmer of hope as I observe the recent attempts at breaking out of the channel.
Since early June, Bitcoin‘s price has been on a decline. However, recent signs indicate that it might be breaking free from this trend and starting a new upward movement. But, it’s important to note that this could also be just another false signal, so it’s crucial to keep an eye on further developments.
An end to the bull market?
Over the past few weeks, the price of bitcoin has faced significant challenges. Some long-term investors have cashed out their profits, miners have sold to stay profitable post-halving, and Wall Street hedge funds have employed a “carry trade” strategy to suppress the price.
Some individuals on social media have advocated for the end of the bull market, believing that Bitcoin’s peak was reached at $73,800 and that its price has been declining since then.
As a crypto investor, I’ve observed that Bitcoin has historically experienced distinct bull markets, each lasting roughly three years. However, it’s important to note that market conditions can shift unexpectedly. With institutional investors now entering the space, there’s a possibility that this bull market could be the first one to be truncated. But remember, past trends don’t always predict future outcomes.
$BTC channel breakout
From my perspective as a crypto investor, I observe that Bitcoin’s price has been attempting to break out of its short-term channel in the daily timeframe. This pattern is undeniably bullish; however, the upper trendline of this channel, coupled with the resistance at $66,000, has thus far prevented the price from advancing significantly.
Momentum indicator is key
In the broader perspective of a week, it’s observable that levels that acted as resistance in the daily timeframe have become supportive. The price was significantly bolstered by strong support at $64,000 on Tuesday, as evident from the wick reaching down to this level.
A significant issue arises from the volatile RSI on the weekly chart. This momentum measure has dipped below its previous level, indicating a potential double dip. However, even if this occurs, it may not take long before this indicator reaches its bottom and begins to climb up once more, restoring crucial momentum.
If Bitcoin (BTC) manages to surge past its current price point and experiences significant growth by the week’s end, both the fast (blue) and slow (red) moving averages might cross paths again. This crossover could potentially indicate a positive shift in price momentum as early as next week. Moreover, there are signs of bullish divergence lurking beneath the surface that could become apparent.
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2024-06-20 16:04