BTC increases over short -term key resistance, income of $ 50,000?
BTC increases over short -term key resistance, income of $ 50,000?
Bitcoin even exceeded global stocks in a low -risk environment, since investors have waited for whether the support would hold $ 40,000. Today's strong rally could be the beginning of the next upward trend for the primary cryptocurrency, after a one -month vibration full of liquidations and fud, mainly from China.
As we reported this week, the 4-hour chart showed a flattening of the short-term moving average, a sign that the consolidation progresses and possibly prepared an attempt to break out.
BTC continued to reach higher lows and began to test the increasing trend line at $ 44,000. BTC pressed up within hours and tested the next important level of resistance at $ 44.3,000 and $ 45.1,000
BTC climbed up when shorts were pressed from their positions, as an incredible 539 BTC shorts were liquidated in just one minute, which brought BTC to $ 47,000. From now on, the BTC rally reached an intra-raday high of over $ 48,000 and formed a higher high, which further indicates that wave 2 correction is likely to be completed.
Diagram by Cryptoquant
If the higher low at $ 40.7K actually wave 2 , the recent price campaign over $ 45.2k indicates that BTC is getting wave 3 , which is the most important upward movement. In view of the fact that these elliot waves are smaller compared to the larger wave numbers, this upward movement could be the beginning of a strong upward impulse, the BTC may be sending back into the area of the all-time high-in the middle of the $ 65,000 region.
It is important to wait for the day of the day (midnight UTC) to see if the Bitcoin price can hold the profits. It is important to close over $ 45.2,000 in order to form a higher high. At the time of writing, BTC is also intraday above the sliding 200-day average and the 21-weekema, two critical level in determining the continuation of the bull market.
Recoating the 200-day-day-gliding average and the 21-week MEMA on a weekly final basis is a very interest bully signal.
on-chain was bullish at $ 40.7k
When Fud and Risk-Off shaken the market, the BTC-on-chain metrics continued to show a strong upward trend. During the entire decline of 55 % in May, persistent liquidation events and Fud, the long -term owners and miners, have further accumulated. This behavior corresponds to earlier Bitcoin house markets, especially the 2013 Haussenmarkt, where long-term owners and miners continued to accumulate.
In contrast to bear markets, where long-term owners and miners aggressively distribute according to parabolic blow-off tips and bull traps, this year's 55% crash did not lead to a further distribution by these cohorts in May. This trend clearly refutes the bear thesis, since all bear markets saw an aggressive distribution of long -term owners and miners.
In the past few days, the foreign exchange tribes continued to down, although the global markets were sold out and the dollar recovered. Cryptoquant's Utxo-Termed Distribution showed that younger coins continued to sell while the older coins accumulated. The spot exchanges fell by more than 15,000 BTC during the 3-week sweater, a strong signal for accumulation.
Incoming bullish step?
With short-term technical data that show a significant improvement, a permanent interest bully on-chain trend and a deviation from the global stocks, BTC seems well positioned for a significant upward trend if we continue to see a considerable accumulation and a price sequence upwards.
At the moment the bulls have regained control. The weekday closes will continue to confirm the latest upward movement. All eyes will be aimed at $ 45.2k to confirm a higher high.
.