🅱🅱🅱🅱BTCUSDT (H4) : The price of the BTC is looking to hit 60K but try to look more correction to be weaved🅱🅱🅱🅱🅱
✅Assuming Bitcoin's price falls below $52,065, it is expected to decline further and reach $45,156, a weekly support level. This scenario is backed by the potential bearish divergence mentioned in the previous report. Once the price range is established, Bitcoin is likely to trade within that range, aiming to test the lower end before initiating an upward movement.
✅The target for Bitcoin's price increase is the next weekly resistance level at $58,399. However, it is anticipated that Bitcoin will not halt at this point, as a rapid upward extension could lead the leading cryptocurrency to revisit the psychological level of $60,000 after more than two years.
✅The excitement, along with retail FOMO surrounding the $60,000 mark, might provide sufficient momentum for Bitcoin's price to retest and surpass the all-time high of $69,138.
✅The Technical and Fundamental Analysis:
✅Bitcoin's stalling momentum at the $52,000 resistance could signal an "imminent pullback" as 33% rise in a few weeks is "unsustainable", Swissblock said.
The uptrend could still continue, with 10x Research setting a $57,500 price target for the next leg higher.
✅Bitcoin (BTC) rose above $52,000 this week for the first time in 26 months, but its stalling momentum may foreshadow an "imminent" pullback before higher prices, Swissblock analysts said in a Friday market update.
✅The largest crypto by market cap rallied 10% in a week, outperforming the broad-market CoinDesk20 Index's (CD20) 8% advance, extending its relentless rise from $38,500 in late January. The surge was coupled with accelerating inflows into U.S. spot bitcoin exchange-traded funds (ETF), with BlackRock's IBIT raking in over 28,000 bitcoin this week.
✅However, the $52,000 area is a significant resistance level on long-term charts that capped prices in September and December in 2021, Swissblock noted, and now also posed a meaningful barrier for the rally to continue now.
✅"A pullback seems imminent and necessary given the recent rapid ascent of approximately 33% over the past few weeks, suggesting an unsustainable rally," Swissblock analysts wrote.
Beyond a short-term dip, the market looks poised for higher prices, the report added, and any forthcoming correction could be a buying opportunity as long as BTC holds its support at near $47,500. "At this point, any pullback should be thought of as a potential buying opportunity," the report said.
✅Institutional crypto exchange FalconX also noted "exceptional" trading volumes that support the early 2024 uptrend, last seen during the 2023 March regional banking crisis.
"Price increases followed by lower volumes have historically been a reliable indicator of false breakouts in crypto," FalconX analysts wrote Friday. "The good news at this point is that liquidity conditions surrounding the January rally remain generally robust."
✅10x Research analyst Markus Thielen said in a Friday update that bitcoin could run towards a $57,500 price target, citing strong liquidity and increasing demand for bitcoin futures.
📬 Your Comment, like and follow make us bold and strong to analyze the different pairs of the Forex, Crypto, Indices etc. more efficiently.
✅Assuming Bitcoin's price falls below $52,065, it is expected to decline further and reach $45,156, a weekly support level. This scenario is backed by the potential bearish divergence mentioned in the previous report. Once the price range is established, Bitcoin is likely to trade within that range, aiming to test the lower end before initiating an upward movement.
✅The target for Bitcoin's price increase is the next weekly resistance level at $58,399. However, it is anticipated that Bitcoin will not halt at this point, as a rapid upward extension could lead the leading cryptocurrency to revisit the psychological level of $60,000 after more than two years.
✅The excitement, along with retail FOMO surrounding the $60,000 mark, might provide sufficient momentum for Bitcoin's price to retest and surpass the all-time high of $69,138.
✅The Technical and Fundamental Analysis:
✅Bitcoin's stalling momentum at the $52,000 resistance could signal an "imminent pullback" as 33% rise in a few weeks is "unsustainable", Swissblock said.
The uptrend could still continue, with 10x Research setting a $57,500 price target for the next leg higher.
✅Bitcoin (BTC) rose above $52,000 this week for the first time in 26 months, but its stalling momentum may foreshadow an "imminent" pullback before higher prices, Swissblock analysts said in a Friday market update.
✅The largest crypto by market cap rallied 10% in a week, outperforming the broad-market CoinDesk20 Index's (CD20) 8% advance, extending its relentless rise from $38,500 in late January. The surge was coupled with accelerating inflows into U.S. spot bitcoin exchange-traded funds (ETF), with BlackRock's IBIT raking in over 28,000 bitcoin this week.
✅However, the $52,000 area is a significant resistance level on long-term charts that capped prices in September and December in 2021, Swissblock noted, and now also posed a meaningful barrier for the rally to continue now.
✅"A pullback seems imminent and necessary given the recent rapid ascent of approximately 33% over the past few weeks, suggesting an unsustainable rally," Swissblock analysts wrote.
Beyond a short-term dip, the market looks poised for higher prices, the report added, and any forthcoming correction could be a buying opportunity as long as BTC holds its support at near $47,500. "At this point, any pullback should be thought of as a potential buying opportunity," the report said.
✅Institutional crypto exchange FalconX also noted "exceptional" trading volumes that support the early 2024 uptrend, last seen during the 2023 March regional banking crisis.
"Price increases followed by lower volumes have historically been a reliable indicator of false breakouts in crypto," FalconX analysts wrote Friday. "The good news at this point is that liquidity conditions surrounding the January rally remain generally robust."
✅10x Research analyst Markus Thielen said in a Friday update that bitcoin could run towards a $57,500 price target, citing strong liquidity and increasing demand for bitcoin futures.
📬 Your Comment, like and follow make us bold and strong to analyze the different pairs of the Forex, Crypto, Indices etc. more efficiently.
Trade active
Trade active
More than half of the target had been achievedTrade closed: target reached
Successfully achievedWowoowowoowow
Keep supporting me
Keep following me
Keep commenting me
And thanks for all.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.