Macro Analysis of Bitcoin (BTC/USD)
The chart above shows the evolution of the Bitcoin (BTC) price against the US Dollar (USD) on a 2-day (2D) time scale. The general trend shows high volatility and marked movements, typical of Bitcoin market cycles. It is important to note that this is a macro analysis, taking into account long-term trends and global indicators.
Price Analysis
1. Current Price: Bitcoin is currently trading around 60,816.49 USD, marking a slight increase of 0.17%.
2. Past Trends: Significant peaks can be observed around 72,000 USD, followed by notable corrections.
3. Support and Resistance:
• Support: Key support levels are found around 47,000 USD and 33,000 USD.
• Resistance: Major resistance is located near the 69,000 USD level.
Technical Indicators
1. EMA (Exponential Moving Average) 10: Active, indicating a moving average over the last 10 periods, used to spot short-term trends.
2. M2 Money: Active, this M2 money supply chart shows the impact of monetary supply on the cryptocurrency market.
On-chain Indicators
• Hash Ribbons: A green dot has recently appeared on the Hash Ribbon, potentially signaling a buying opportunity. This green dot indicates miner capitulation followed by a recovery in hash power, often interpreted as a long-term bullish sign.
• CVDD, Pi Cycle, NUPL, PUELL, MVRV Z-Scores: All these indicators are marked as NaN (Not a Number), suggesting they are not currently providing data. Typically, these on-chain indicators are used to assess market conditions through Bitcoin’s market cycles.
M2 Money Supply and Sentiment
The M2 money supply chart at the bottom shows the impact of increasing monetary supply on the cryptocurrency market. A significant increase in monetary supply, as observed in 2021, often coincides with price hikes in assets like Bitcoin. The recent increase in money supply could indicate an influx of liquidity into the markets, thereby increasing demand for assets such as Bitcoin.
The recent appearance of the green dot on the Hash Ribbon, combined with an increase in M2 money supply, could positively influence investor sentiment and attract new buyers to the market.
Conclusion
Bitcoin shows a recovery after corrections, with significant resistance near 69,000 USD. Traders should monitor key support levels and the evolution of M2 money supply to assess the continuation of the bullish trend or the possibility of a new correction. The recent appearance of the green dot on the Hash Ribbon is a positive signal that could indicate potential upside. It should be noted that no major top signals, as observed at the end of other bull markets, have been detected so far.
Trading Advice: Consider entering a long position if the price breaks and sustains above 69,000 USD with increasing volume. Conversely, watch the support levels for buying opportunities in case of a correction.
Feel free to leave your comments or questions below, and follow for more technical analysis and market updates.
Price Analysis
1. Current Price: Bitcoin is currently trading around 60,816.49 USD, marking a slight increase of 0.17%.
2. Past Trends: Significant peaks can be observed around 72,000 USD, followed by notable corrections.
3. Support and Resistance:
• Support: Key support levels are found around 47,000 USD and 33,000 USD.
• Resistance: Major resistance is located near the 69,000 USD level.
Technical Indicators
1. EMA (Exponential Moving Average) 10: Active, indicating a moving average over the last 10 periods, used to spot short-term trends.
2. M2 Money: Active, this M2 money supply chart shows the impact of monetary supply on the cryptocurrency market.
On-chain Indicators
• Hash Ribbons: A green dot has recently appeared on the Hash Ribbon, potentially signaling a buying opportunity. This green dot indicates miner capitulation followed by a recovery in hash power, often interpreted as a long-term bullish sign.
• CVDD, Pi Cycle, NUPL, PUELL, MVRV Z-Scores: All these indicators are marked as NaN (Not a Number), suggesting they are not currently providing data. Typically, these on-chain indicators are used to assess market conditions through Bitcoin’s market cycles.
M2 Money Supply and Sentiment
The M2 money supply chart at the bottom shows the impact of increasing monetary supply on the cryptocurrency market. A significant increase in monetary supply, as observed in 2021, often coincides with price hikes in assets like Bitcoin. The recent increase in money supply could indicate an influx of liquidity into the markets, thereby increasing demand for assets such as Bitcoin.
The recent appearance of the green dot on the Hash Ribbon, combined with an increase in M2 money supply, could positively influence investor sentiment and attract new buyers to the market.
Conclusion
Bitcoin shows a recovery after corrections, with significant resistance near 69,000 USD. Traders should monitor key support levels and the evolution of M2 money supply to assess the continuation of the bullish trend or the possibility of a new correction. The recent appearance of the green dot on the Hash Ribbon is a positive signal that could indicate potential upside. It should be noted that no major top signals, as observed at the end of other bull markets, have been detected so far.
Trading Advice: Consider entering a long position if the price breaks and sustains above 69,000 USD with increasing volume. Conversely, watch the support levels for buying opportunities in case of a correction.
Feel free to leave your comments or questions below, and follow for more technical analysis and market updates.
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