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Analyst Crypto Rover pointed out that Bitcoin's recent price movements have caught the attention of global traders. After confirming a bullish divergence within the four-hour timeframe, Bitcoin has shown signs of resilience, rebounding from key horizontal support levels.
By examining Bitcoin's current chart pattern, a consolidation phase characterized by a descending wedge pattern was identified. Such a bullish formation typically precedes significant upward trends, with potential price targets extending to $71,400 upon breakout.
He emphasized the importance of Bitcoin's current condition and status. Bitcoin currently holds a critical green support area, widely considered the most crucial support level for Bitcoin. It is imperative to breach the upper limit of this support area, which acts as resistance.
Consolidation Phase and Potential Outcomes:
Bitcoin is currently in a consolidation phase, oscillating between key highs and lows. A breakout from this consolidation phase will trigger significant price volatility for Bitcoin. However, if Bitcoin falls below and dips to $58,000, this would signal a breakdown for Bitcoin.
He noted that the latest data from the Standard & Poor's Bitcoin ETF showed another day of fund outflows, with approximately $58 million flowing out of the ETF. Fund outflows have significantly slowed since mid-March. Interestingly, BlackRock Sport ETF continues to see substantial fund inflows, ranging from $8 million to as high as $73 million daily.
Despite recent fund outflows, there is no reason to panic about ETF inflows. The focus should still be on Bitcoin's current market dynamics. Bitcoin maintains crucial support levels, especially the important green support area, which is crucial for its price trajectory. Breaking resistance levels is crucial for Bitcoin's bullish momentum as it consolidates between key highs and lows.
Analyst Crypto Banter discussed recent market trends in his latest analysis. He stated that typically after a period of decline, there is selling pressure before the halving, sometimes occurring shortly after the halving, about two months or eight weeks later. Price fluctuations and oscillations characterize this phase.
Analyzing Dumping Before Halving:
Regarding whether the downturn has ended or is about to end, he noted that recent data about Tether minting tokens worth $1 billion suggests that prices may rebound. Historical data shows that such fund injections often coincide with market bottoms. This pattern is particularly evident now, with Tether's aggressive printing exceeding previous instances like the FTX collapse.
He suggested closely monitoring trading volumes as more activity is needed to drive prices up from lows. He advised expecting prices to remain within a certain range. Over a longer time frame, this range is evidently approximately between $50,000 and $77,000. Analysts indicate that the current price is about the middle of that range. Prices may further decline, but there is still an opportunity to buy and profit from the downturn if prices do not consistently fall below $59,000.
Strategic Buying Levels:
He also mentioned that even if prices fall to around $52,000, it is still a good buying opportunity as it aligns with a key indicator. |
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Post time 25-4-2024 13:01:26