After an extended period of consolidation, Bitcoin’s price has successfully surpassed the critical $30K resistance level. However, it is important to exercise caution within the market, particularly in the short term.
Technical Analysis
By: Edris
The Daily Chart
On the daily timeframe, Bitcoin’s price has experienced a rapid upward movement in the past week, following a strong bounce from the $25K support level. The resistance at $30K has been exceeded, and the price is attempting to maintain its position above it.
However, the RSI indicator currently signals an overbought condition, suggesting a probable correction. If it occurs, the 50-day moving average might act as a support level around $27,500, followed by the 200-day moving average near the $25K region.
Source: TradingView### The 4-Hour Chart
The 4-hour timeframe reflects a similar scenario to the daily chart, with a strong upward movement and breakthrough of resistance levels. The recent rally commenced following the breakout from the descending channel, propelling the price to higher highs above $30K.
Nevertheless, it is important to exercise caution due to a clear bearish divergence observed on the RSI indicator. This suggests the possibility of consolidation or correction shortly, ing investors to remain vigilant.
Source: TradingViewOn-chain Analysis
Bitcoin Long-term holder SOPR
After Bitcoin’s recent rally, many holders who had been experiencing losses for several months are now able to sell and realize profits.
The Long-term holder SOPR metric, depicted in the chart along with a 100-day moving average, indicates the ratio of profits or losses realized by long-term holders. Values above 1 indicate profit-taking, while values below 1 signify losses.
The chart clearly shows that long-term holders, who had been experiencing losses for nearly a year, have now begun to sell at a profit due to the recent price surge. While this situation is not necessarily harmful, it could increase the supply of Bitcoin, and without sufficient demand, it could potentially lead to a subsequent decline in price.
Source: TradingView
Avertissement : Les informations contenues dans cette page peuvent provenir de tiers et ne représentent pas les points de vue ou les opinions de Gate. Le contenu de cette page est fourni à titre de référence uniquement et ne constitue pas un conseil financier, d'investissement ou juridique. Gate ne garantit pas l'exactitude ou l'exhaustivité des informations et n'est pas responsable des pertes résultant de l'utilisation de ces informations. Les investissements en actifs virtuels comportent des risques élevés et sont soumis à une forte volatilité des prix. Vous pouvez perdre la totalité du capital investi. Veuillez comprendre pleinement les risques pertinents et prendre des décisions prudentes en fonction de votre propre situation financière et de votre tolérance au risque. Pour plus de détails, veuillez consulter l'
avertissement.
