Crypto World analyst Josh published his latest analysis, confirming that Bitcoin is still in a bigger bull market. The analyst said that the Bitcoin buy signal has just been confirmed on the Bitcoin chart, and the price has also confirmed a new short-term signal that is worth paying attention to.
The Hash Ribbons indicator, which tracks the moving averages of Bitcoin’s hash rate, has just flashed a buy signal. Historically, when these moving averages cross over, it indicates that miners are regaining strength, which is a reliable buy signal.
This buy signal has only occurred once in the past year. In the past two years, this signal has occurred three times, and each time it was accompanied by bullish price action. For example, in August 2022, this signal marked the end of the bear market and triggered a rebound. Now, this buy signal has occurred again, indicating that more bullish price action may occur in the near term.
Market volatility and key levels
Trump’s upcoming Bitcoin comments could bring some volatility. In the short term, Bitcoin has rebounded from the $63,000 to $64,000 support area. A daily close above $68,300 could signal a continuation of the bullish trend. A break below this support could end the short-term bullish trend.
Bitcoin faces resistance between $67,000 and $68,300. A breakout above this resistance could lead the price of Bitcoin to all-time highs between $72,000 and $74,000. However, it could face this resistance in the short term, leading to sideways trading or a pullback.
A new hidden bullish divergence has been confirmed, suggesting that the bullish momentum may continue. However, it is crucial to keep an eye on key liquidity levels. Liquidity around $63,300 and $67,500-69,000 is quite substantial, which could influence price action.
