Technical Analysis 👇
Relative Strength Index (RSI): The current value of the RSI is 68.3, indicating that Bitcoin is close to the overbought zone (70), but there is still a chance to rise before moving into the correction phase.
Moving Averages (MA):
MA50: The price is 1.5% above the 50-day moving average, confirming the uptrend.
MA200: The price is 3.8% above the 200-day moving average, indicating strong long-term support.
Patterns: A hammer pattern has formed on today's chart, where the candlestick's low was $94,750, while it closed at $95,807.64, indicating buying pressure at this level.
Fundamental Analysis - Additional Details:
News and Developments:
Announcements about blockchain upgrades or new partnerships may be on the way, such as a Proof-of-Work (PoW) update that could reduce energy consumption, making Bitcoin more attractive to green investors.
Growing interest in Bitcoin ETFs, with some reports suggesting $31 million in inflows to ETFs.
Self-analysis: The “stock and flow” model predicts Bitcoin will trade in the $90,000-$110,000 range this year, with a median estimate of $105,000.
Liquidity and Volume - Additional Details:
Trading Volume: 12% increase in trading volume compared to the previous day, reflecting increased interest.
Liquidity: The Bid-Ask Spread is 0.25%, meaning liquidity is good, making it easy for traders to get in and out of trades quickly.
Conclusions and recommendations - Additional details:
Caution: With RSI close to 70, stop loss points should be set carefully, especially at the $93,000 level where it can be a strong support.
Strategies:
Short-term trading: Entering into buying on short bounces with a selling target at the nearby resistance level at $98,000.
Long-term trading: Based on the forecast, it is possible to enter into buying positions with the aim of holding for up to six months or more.
Note: Remember that the analyses are based on current data and can change quickly as the crypto market develops.
Please support and participate, and if you have any questions, please ask them in the comments and we will answer them. Thank you all