#write2earn #bitcoin Price Analysis: Sideways Movement Signals Awaited Surge, #BTC Hanging Out At $69,000
With its recent all-time high achieved just weeks ago, the price of Bitcoin ($BTC) is currently moving sideways, gearing up for the next significant surge into uncharted territory.
Awaiting Bullish Momentum
Bitcoin's price is currently hovering right around the crucial $69,000 resistance level. This level holds significance as it represents the peak of the previous bull market in 2021, acting as a magnet for price action until Bitcoin can muster the momentum to break free.
ETF Outflows
Tuesday saw a slight decrease in Spot Bitcoin ETFs. Following Monday's net outflow of $223 million, Tuesday's outflow reduced to just $19 million. Blackrock is steadily approaching a point where it could hold more Bitcoin than Grayscale, potentially within a few weeks. This could lead to consistent net inflows in the future.
Market Sentiment Remains Bullish
In the short term, the 4-hourly timeframe depicts a period of consolidation for Bitcoin. The price has retreated back inside the triangle after breaking out on Monday. Such false breakouts in either direction are common and don't necessarily indicate a trend.
Currently, the price is holding onto major support, although it might retest the bottom of the triangle. There was also a brief dip below the trend line established in early February, but it can easily recover.
Overall, it appears to be a waiting game. Market sentiment remains highly bullish, with the Fear and Greed Index registering 'Extreme Greed' at 78. With the halving just nine days away, excitement is building up.
Bears Still Lurking
However, it's wise to be prepared for potential downturns despite the bullish outlook. Certain indicators suggest Bitcoin may be oversold. Following last week's hanging man candle, the candle close this week could provide valuable insights. A close above the hanging man candle would negate a reversal and reaffirm bullish control.
