After reaching a new record high recently, Bitcoin‘s price has been moving horizontally, preparing for another significant jump in value as it continues its exploration of new pricing heights.
$BTC awaits bullish momentum
Right now, Bitcoin ($BTC) finds itself right at the crucial level of $69,000. This figure holds significance because it represents the peak price reached during the last bull market in 2021. As a result, this resistance level attracts the price action until Bitcoin gains enough strength to move beyond it.
ETF outflows
On Tuesday, there was a slight decrease in investments for Spot Bitcoin ETFs, with a net outflow of approximately $19 million following the previous day’s significant withdrawal of $223 million. Blackrock is approaching a point where they will hold more Bitcoins than Grayscale, which could happen within a few weeks. After this milestone is reached, it is expected that there will be consistent inflows of new investments into these ETFs in the future.
Market sentiment still bullish
In simpler terms, the Bitcoin price has returned to its previous trading range after briefly exiting it on Monday. The consolidation period for $BTC lasts only 4 hours. Such price movements back into the triangle following a breakout are frequent and do not necessarily indicate an upcoming trend.
The current price is stabilized at a key support level, but it may revisit the triangle’s base for a second time. A brief dip beneath the trendline occurred in early February, but regaining that position should be simple.
In summary, the market outlook remains optimistic as indicated by the high Fear and Greed Index of 78, representing “Extreme Greed.” With the upcoming Bitcoin halving event just nine days away, anticipation is reaching a fever pitch.
Bears could still pounce
despite the current optimistic outlook, it’s essential to be cautious and consider the possibility of adverse conditions for Bitcoin ($BTC). The hanging man candle from last week serves as a warning, suggesting that the cryptocurrency might be oversold. If this week’s candle closes above the hanging man, it could signal a continued bullish trend, but a close below would potentially trigger a bearish reversal or prolonged sideways movement.
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2024-04-10 16:12