Bitcoin’s price action has interested crypto analysts as it consolidates within an ascending triangle pattern. Sjuul, a top analyst from AltCryptoGems, has revealed insights into the asset’s market situation. BTC is testing crucial price levels, with potential implications for its trajectory in the short term.
$BTC / $USDT – TA OTD Heavy consolidation is going on with this ascending triangle on $BTC.As we are trading just below a key resistance level, it's time to be prepared for any outcome.Time to grab your coffee and follow me on this thread. pic.twitter.com/gPqpH8Z3r2
— Sjuul | AltCryptoGems (@AltCryptoGems) July 9, 2024
Bitcoin’s Consolidation and Key Levels
Bitcoin has broken down from a four-month consolidation range and now trades between two critical levels. The $58,500 mark, previously a low in late June, now acts as resistance. Conversely, the older low at $56,500 is expected to hold as support.
The resolution of this consolidation will likely determine Bitcoin’s next move. A reclaim of the $58,500 level could lead to a push towards $60,000. However, losing the ascending triangle formation may lead to a test of daily support levels.
Technical Indicators and Market Sentiment
On the daily chart, the 200-day Exponential Moving Average (EMA) serves as a clear resistance level. A daily candle close above this EMA would signal a potential bullish reversal. Sjuul highlights a “power of 3” setup that bulls hope to see play out.
The liquidation heat map reveals liquidity above the current price. Ideally, Bitcoin should surpass these levels without brief touches and rejections. Funding rates remain positive across exchanges, indicating that short positions dominate perpetual markets.
Institutional Activity and Market Sentiment
While the German government continues to sell Bitcoin, traditional investors are returning to spot ETF buying. Recent days have seen positive inflows, with yesterday marking one of the most active days in weeks. This institutional activity could influence Bitcoin’s price action in the coming days.
The Fear & Greed index currently sits in “fear” mode, registering one of the lowest levels in months. This sentiment indicator serves as a contrarian signal for potential market reversals.
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BTC Current Price and Market Data
As of data from CoinGecko at press time, Bitcoin trades at $58,530.42. The crypto has had a 1.67% rise in the last day. However, it remains down 3.26% over the past week. The daily trading volume stands at $27,489,206,128, indicating market activity.
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