Bitcoin appears to have entered an accumulation phase as evidenced by the low volatility and trading volume seen in recent days. Notably, weekends are renowned for their active trading, featuring high-intensity trades that can lead to substantial shifts in the market's prevailing trend.
On The Daily Chart:
After finding support at $29,000, Bitcoin's price is showing signs of recovery, moving higher. There is a possibility that BTC might revisit the crucial resistance zone at $29,700 in the upcoming trading sessions.
During a recent retest of the $29,050 support zone, bulls emerged, resulting in Bitcoin's resilience above the $29,000 level. The cryptocurrency has now embarked on a fresh upward movement, with clear breakthroughs above the $29,250 and $29,400 levels. Presently, BTC is trading above the 100 moving average, indicating a positive momentum in the market.
On The 4-Hour Chart:
Bitcoin's current trend suggests a new bearish pattern is emerging, raising the possibility of a test of lower weekly levels in the upcoming days. The price is struggling to maintain itself above the $29,500 mark. Additionally, there is a visible downward trend line in the four-hour timeframe, further reinforcing the resistance around this crucial level. Multiple rejections at these price levels during early trading hours hint at an imminent bearish reversal.
According to Coingabbar Price Analysis, the market capitalization of
#BTC stands at $571,792,363,456. The 24-hour trading volume is approximately $8,234,303,156.
KEY LEVELS :
RESISTANCE LEVEL : $29,700-$30,000
SUPPORT LEVEL : $29,000-$28,700
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
#GOATMoments #Binanceturns6 #coingabbar $BTC #bitcoin