Bitcoin has recently reached its previous swing high, indicating positive signs for the cryptocurrency. However, as it approaches a critical resistance zone, there is a possibility of a rejection.
On the daily chart, Bitcoin appears to be stuck around the $25K mark, with little indication of its future direction. But a bullish divergence between the price and the RSI indicator, as well as strong buying activity near the $25K support level, has created momentum for a surge towards the 200-day moving average at around $28K. If buyers successfully surpass this moving average and experience a pullback to these levels, Bitcoin’s price may surge further and aim to break through the substantial resistance at $30K. However, considering the significance of the 200-day moving average and the strong resistance at $28K, another rejection is likely, potentially sending the price back towards $25K.
On the 4-hour chart, Bitcoin found substantial support at $25K after a sharp decline and is now in an ascending channel. The price consistently surpassed previous highs during this period, indicating growing interest among Market participants. However, the price is currently approaching a crucial resistance zone at the $28K region, marked by its previous major swing high and the 50%-61.8% Fibonacci retracement levels. A consolidation phase seems likely, with minor rejections towards the lower boundary of the channel.
In terms of on-chain Analysis, the 12-18 Months UTXO Realized Price for Bitcoin is around $26,950, indicating that investors who purchased Bitcoin within this timeframe have broken even. However, the 6-12 Months UTXO Realized Price is lower than the market price, suggesting profitability for this group. The data also shows that the 12-18-month UTXO group is holding onto their investments instead of selling, indicating confidence in Bitcoin’s long-term potential. On the other hand, the 6-12-month UTXO cohort, currently enjoying profits, is actively participating in selling on exchanges. This difference in behavior reflects varying levels of confidence among investors regarding the future direction of Bitcoin.
Overall, while Bitcoin has shown positive signs by reaching its previous swing high, there is a possibility of a rejection as it approaches a critical resistance zone. Technical analysis suggests a consolidation phase and minor rejections towards the lower boundary of the channel. On-chain analysis reveals different levels of confidence among investors, with some holding onto their investments and others actively selling on exchanges..
#25K #30K #Bitcoin #Price #Analysis
On the daily chart, Bitcoin appears to be stuck around the $25K mark, with little indication of its future direction. But a bullish divergence between the price and the RSI indicator, as well as strong buying activity near the $25K support level, has created momentum for a surge towards the 200-day moving average at around $28K. If buyers successfully surpass this moving average and experience a pullback to these levels, Bitcoin’s price may surge further and aim to break through the substantial resistance at $30K. However, considering the significance of the 200-day moving average and the strong resistance at $28K, another rejection is likely, potentially sending the price back towards $25K.
On the 4-hour chart, Bitcoin found substantial support at $25K after a sharp decline and is now in an ascending channel. The price consistently surpassed previous highs during this period, indicating growing interest among Market participants. However, the price is currently approaching a crucial resistance zone at the $28K region, marked by its previous major swing high and the 50%-61.8% Fibonacci retracement levels. A consolidation phase seems likely, with minor rejections towards the lower boundary of the channel.
In terms of on-chain Analysis, the 12-18 Months UTXO Realized Price for Bitcoin is around $26,950, indicating that investors who purchased Bitcoin within this timeframe have broken even. However, the 6-12 Months UTXO Realized Price is lower than the market price, suggesting profitability for this group. The data also shows that the 12-18-month UTXO group is holding onto their investments instead of selling, indicating confidence in Bitcoin’s long-term potential. On the other hand, the 6-12-month UTXO cohort, currently enjoying profits, is actively participating in selling on exchanges. This difference in behavior reflects varying levels of confidence among investors regarding the future direction of Bitcoin.
Overall, while Bitcoin has shown positive signs by reaching its previous swing high, there is a possibility of a rejection as it approaches a critical resistance zone. Technical analysis suggests a consolidation phase and minor rejections towards the lower boundary of the channel. On-chain analysis reveals different levels of confidence among investors, with some holding onto their investments and others actively selling on exchanges..
#25K #30K #Bitcoin #Price #Analysis
