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Bitcoin now started making some of the mess in charts as there is a clear indication of any breakout, but a short-term upward movement is happening in a very corrective manner. Keep an eye on Bitcoin as it may dump at any time. The $32,000 mark will give some relief to the market.
Bitcoin is now trading above the $30,000 level and the 100 hourly simple moving average.
The first support is $ 29600 - $ 29,000, and the $ 27,000 area.
The next major resistance is near the $ 31,400 level. A clear move above the $ 30,300 and $ 31,400 resistance levels might start an increase in the coming sessions. The following key resistance could be near the $ 32,500 level, above which the price might rise to $ 34,000.
The MACD is now slowly gaining pace in the bullish zone.
The RSI for BTC/USD is now above the 50 level.
The current GBTC (Grayscale Bitcoin Trust Premium) has reached a new All-Time Low of -30.80%, meaning that the current interest shown in large BTC investment products has declined drastically and, for now, is showing no signs of a rebound; however, this remains an important market indicator.
Bitcoin now started making some of the mess in charts as there is a clear indication of any breakout, but a short-term upward movement is happening in a very corrective manner. Keep an eye on Bitcoin as it may dump at any time. The $32,000 mark will give some relief to the market.
Bitcoin is now trading above the $30,000 level and the 100 hourly simple moving average.
The first support is $ 29600 - $ 29,000, and the $ 27,000 area.
The next major resistance is near the $ 31,400 level. A clear move above the $ 30,300 and $ 31,400 resistance levels might start an increase in the coming sessions. The following key resistance could be near the $ 32,500 level, above which the price might rise to $ 34,000.
The MACD is now slowly gaining pace in the bullish zone.
The RSI for BTC/USD is now above the 50 level.
The current GBTC (Grayscale Bitcoin Trust Premium) has reached a new All-Time Low of -30.80%, meaning that the current interest shown in large BTC investment products has declined drastically and, for now, is showing no signs of a rebound; however, this remains an important market indicator.
Note
The TOTAL crypto market cap is slowly gaining some upward movement. The TOTAL crypto market cap is heading towards the resistance of $1.40 - $1.50 trillion areas, which is the crucial point. If it breaks above the resistance area, we see a good rally to the $1.75 - $1.80 trillion area.If it is rejected from the resistance area, we see a possible retest of the $1 trillion major support area.
Note
Bitcoin addresses with a balance over 0.01 BTC hit 10 million. Holders with a low balance are increasing means retail adoption is increasing.Note
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