bitcoin is at a fundamental inflection point following the Federal Reserve's interest rate cut more than three weeks ago. Holding strong above the $60,000 mark, btc is advancing towards new highs as the entire crypto market anticipates a possible rally in the coming weeks.
This bullish sentiment is driven by several indicators, including key data from CryptoQuant, which highlights strong buy walls across all exchanges. These buy walls appear strong enough to neutralize the sell walls, indicating a change in market dynamics.
Recent price action suggests that the six-month accumulation phase could end soon, sparking speculation about a major bullish move. Investors and analysts are closely monitoring these developments and are eager to see if btc can maintain this momentum.
As buying pressure continues to build, the prospect of a rally becomes increasingly likely, which could lead to a new phase of bullish activity in the market. Against the backdrop of favorable economic conditions and strong technical signals, bitcoin's path forward could be marked by renewed optimism and significant price appreciation soon.
Is the bitcoin rally starting?
bitcoin is currently enjoying a wave of optimism following last week's impressive rise from $58,800 to its current level of $64,900. This translates to a notable 10% increase that has rekindled hope among btc investors and throughout the crypto market.
The rise has sparked renewed interest in cryptocurrencies, with many traders and analysts eagerly speculating on the next possible price movements.
Notably, CryptoQuant Founder and CEO Ki Young Ju,x.com/ki_young_ju/status/1845735345461297613″ target=”_blank” rel=”noopener nofollow”> has shared a compelling graphic illustrating a significant development in market dynamics. This chart reveals that bitcoin buy walls on all exchanges are strong enough to effectively neutralize sell walls.
The implications of this trend are significant; suggests that demand is starting to outpace supply, a precursor often seen before a major price rally.
The chart highlights the differences in buy and sell quote volumes across all bitcoin exchanges. It indicates that the significant selling pressure previously experienced in both the spot and futures markets is running out. As this selling pressure subsides, it often indicates that a bitcoin bull run is coming.
While investors remain cautiously optimistic, the prevailing sentiment is that bitcoin is poised for further gains, especially if it can maintain its momentum above the critical $60,000 mark. With positive market indicators and decreasing selling pressure, the stage is set for a possible rally that could see btc reach new heights in the coming weeks.
btc technical analysis
bitcoin (btc) is currently trading at $64,900 and is about to test the high of $66,500, just 3% from its current level.
The recent price action has seen btc strongly surpass the 200 daily moving average (MA) at $63,351, indicating a possible continuation of the uptrend as the entire crypto market experiences upward momentum.
If bitcoin breaks the $66,500 mark, it would set the stage for a challenge to its all-time highs of around $73,000. This level has been a major barrier in the past and breaking above it could attract even more buying interest, which could lead to an explosive rally.
However, it is important to note that a healthy pullback and consolidation above $62,000 would be prudent before any further rise.
This consolidation would stabilize the market, ensuring that the bullish momentum is sustainable. A drop to the $62,000 level could help solidify support and create a stronger foundation for the next leg higher.
Overall, bitcoin's current price action reflects a cautious but optimistic outlook, as traders eagerly anticipate the possibility of hitting new all-time highs soon.
Featured image of Dall-E, TradingView chart
