BTC's price shows signs of potential upward movement according to the Gartley pattern.
Strong market sentiment suggests investor confidence is boosting the coin’s performance.
Key down level at $52,000 could hold if the market dips while resistance is near $73,846.
The trading volume has also followed the momentum over the past day by 28.26%, leading to its price reaching $34.8 billion. This increase in both market capitalisation and trading volume is an indication of how the coin is active in terms of investor engagement with the coin. Interms of supply of 19.74 million BTC are in circulation, accounting for 94.02% of the total available supply.
Source : coinmarketcap
Speculating from the chart, bitcoin has grown considerably, especially above the notable peak of $61,000. This was followed by a brief decline before stabilising once more at $61,000. This in turn suggests strong market sentiment and an upward trajectory, as proven by the stability and maintenance of its upward trajectory.
Bitcoin's market performance in the past 24 hours reflects a positive trend that is driven by strong investor confidence, rising demand, and increasing adoption.
Bitcoin Price Action
Bitcoin price chart movement represents the formation of a Gartely pattern, with prices moving through points X,A,B,C and D, which highlights the completion of the pattern near the $59,774 mark. This shows a potential reversal zone that traders should pay close attention to.
As of press time, BTC is trading at approximately $60,897, which reflects a minor decline of 0.43% from the previous day's close. The paternal trajectory is showing a possible upward movement that could target the 23.60%, 38.20%, and 50.00% Fibonacci retracement levels. With the first major resistance at $68,000, an extended target of $73,846 is aligned with the 78.60% Fibonacci level.
The Relative Strength Index, which is right now at 51.20, is suggesting a neutral maket movement, which indicates that Bitcoin is neither overbought nor oversold. Both the signal line and the RSI line are in the middle, not providing a clear indication of whether the market is increasing or decreasing.
Source : Tradingview
Meanwhile, the Moving Average Convergence Divergence indicator shows a slight bearish divergence. With the MACD line below the signal line, its value is currently -636 compared to the signal line's -974. However, the histogram's position suggests a potential shift towards bullish momentum if the MACD line crosses above the signal line in the upcoming days.
The support levels are marked at the 161% Fibonacci extension near $52,000 which is a critical level that might serve as a strong support if price dips further. Conversely, the resistance at $73,846 represents the upper boundary for Bitcoin's potential upward movement if bullish momentum gathers strength.
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