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- Bitcoin’s price is finally gaining some bullish momentum following almost two months of correction.
- It seems that the bulls are looking to paint a new record high in the coming weeks, but will they make it?
- “The market’s corrective phase is giving way to a bullish breakout, potentially leading to new highs,” noted a financial analyst from TradingRage.
This analysis of Bitcoin’s recent price movements provides insights into potential future trends and market behaviors.
Technical Analysis
Bitcoin’s daily price action has been showing an apparent corrective behavior. The cryptocurrency has been making lower highs and lows since dropping from $75K. The gradual decline inside a descending channel shows the market was in a corrective phase rather than a full-on bearish reversal. Yet, the price has finally broken above the channel’s midline and is on its way to test the higher boundary of the pattern. In case of a bullish breakout above the descending channel, market participants can finally expect a rally toward higher levels.
The Daily Chart
Bitcoin’s daily chart reveals a strategic breakout above the midline of the descending channel, signaling a potential rally. The next target is the upper boundary of the channel, where a breakout could confirm a bullish trend reversal.
The 4-Hour Chart
In the 4-hour chart, Bitcoin has retested the midline of the descending channel after breaking above it, which typically confirms the strength of the breakout. The market is now eyeing the $68K resistance level, with a breakout above this potentially leading to a retest of the $75K all-time high. The RSI over 50% supports the bullish momentum.
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On-Chain Analysis
On-chain metrics provide a deeper insight into market sentiments and potential future movements. The exchange reserve data, in particular, suggests a decrease in selling pressure and an increase in holding behavior among investors.
Bitcoin Exchange Reserve
During the recent price drop, the increase in Bitcoin exchange reserves indicated a rise in selling pressure as investors moved to liquidate holdings. However, with the price recovery above $60K, the reserve levels have dropped significantly, indicating a strong buying pressure and reduced sell-off risks.
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Conclusion
The analysis of both technical patterns and on-chain data suggests that Bitcoin is setting up for a potential bullish phase. If the resistance levels are broken as anticipated, the market could see new highs. Investors and traders should watch these key indicators closely for signs of sustained bullish momentum.
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