Bitcoin fights for $ 21,000 according to the US Ministry of Justice, impending volatility? (BTC price analysis)

Bitcoin fights for $ 21,000 according to the US Ministry of Justice, impending volatility? (BTC price analysis)

With Bitcoin's latest price rally, many assume that the bear market is over. But is it too early to name lows?

technical analysis

from: Edris

the daily type:

In the daily time frame, the price has recovered in the past few weeks and exceeded several static resistance levels and the significant moving 200-day average. The large falling wedge pattern was also broken up, which is normally regarded as an interest bully reversal signal.

From the point of view of the classic price campaign, the cryptocurrency seems to be aimed at the level of $ 25,000 at short notice.

The RSI indicator, however, indicates that BTC is massively overbought, and a declining sweater or a reversal is also very likely. In this case, the broken gliding 200-day average around $ 19,500 marks and the $ 18,000 area could be seen as a potential level of support that could increase the price in the direction of the $ 25,000 mark.

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The 4-hour diagram:

on the 4-hour chart, the price rose quickly and exceeded several levels of resistance.

The $ 21,000 area currently prevents BTC from climbing, and a short-term withdrawal is apparently imminent. This is done after yesterday's announcement of the Doj.

The RSI indicator also shows warning signals in this time frame, since a clear decline in divergence has formed between the latest spa highs. Therefore, a decline in the support area of $ 18,000 could be expected at short notice, with several analysis tools validating both in the 4-hour and daily time frame of this scenario.

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on-chain analysis

by: edris

not realized loss of profit from Bitcoin

With the recent increase in the Bitcoin Prize, many owners climb over the profit threshold again, and the market mood becomes positive. The latter usually provides valuable knowledge for a more precise prediction of the price movement, and one of the most useful on-chain metrics to achieve this is the unrealized net loss of profit.

The non -realized net profit and loss (Nupl) is divided by the market capitalization, the difference between market capitalization and the realized upper limit. Nupl specifies the total amount of the profit/loss of all coins as a ratio. It could be interpreted as the ratio of investors at a profit, with values over 0, which means that more coins are in profit and vice

Cryptoquant

Recently, the Nupl has increased with negative values over 0 due to the price rally, which indicates that more investors are now making profits. This could be interpreted as a bullish signal, since fewer market participants are under pressure, sell their coins and prevent further losses, but it could also be seen as a warning signal.

Many of these investors could be tried to leave the market for profit threshold or with tiny profit amounts, and the resulting sales pressure could flood the market with offers.

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