Thursday, July 25, 2024

Market Watch Jan 04: Bitcoin Uptrends, Needs Major Rally to Push Price Across $17,000.

BTC price movement is looking good with 0.65% boost in the last 24 hours taking it to $16,809. However, a minor pull back reeled in the price. The top cryptocurrency needs a major rally to push it across the $17,000 threshold.

Crypto Chase says if Bitcoin is finally ready to join the party, it could make a run for the $17,300 mark. Fellow analyst Cold Blooded Shiller also feels the same. He sees $17,300 as a target of interest for the bulls that is if the S&P 500 are in favour. But Rekt Capital pointed out that Bitcoin is still below the mark. Luckshury, a price action trader, expects further upside on DXY and a move down on ES/Crypto, based on if it can hold the weekly level into support.

Bitcoin’s price movement makes it the most attractive to patient, long-term bullish investors looking to accumulate at a perceived discount. However, liquidity continues to be a reality as the US central bank remains committed to reducing inflation via interest rate increases and balance sheet reductions.

Coming back to Bitcoin’s price, the next major resistance awaits at $17,200. Its MACD looks bullish as the 12-day EMA crossed above the 26-day EMA. Moreover, BTC’s recent price pullback is likely to be short lived and may retest the intraday high soon. It should be noted that the bulls are trying to keep their grip on the current level. And if they succeed, further upward movement can be expected. Its daily chart timeframe has been characterized by higher highs and higher lows.

Overall, an uptrend is being seen and Bitcoin is likely to keep up with it.

All for the test.

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