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Bitcoin price analysis: BTC/USD on course to cross $45k resistance

Bitcoin price analysis BTCUSD on course to cross k

TL;DR Breakdown

  • Bitcoin price analysis shows BTC hovering near $40,800
  • Long-term holders are holding more BTC supply
  • BTC accumulation is rising as well, with large investors holding more supply
  • JPMorgan Chase is rallying to create an in-house BTC fund for its private clients.

Yesterday’s 75 percent rally in BTC/USD pair from $29,400 to $42,600 has drastically changed the scene on the technical indicator front. The bullish momentum for the pair has increased, thereby attracting more buy orders.

The BTC/USD pair is rising rapidly, especially in the past two weeks. The technical indicators can help us conclude that the bearish phase is almost over and the new buying is coming from large institutional investors. Bitcoin price analysis shows that the current situation mimics the exhaustion of supply on the seller’s side where the sellers are no longer willing to sell. It indicates that a buying phase is about to begin on the charts.

Big companies have likely stockpiled and are now making mass market purchases to ensure they don’t lose any of their dominance.

On-chain metrics in the Bitcoin price analysis show that large sums of coins are continually flowing from exchanges, a sign that there has been significant change in the marketplace.

Bitcoin price movement in the last 24 hours: Gradually moving higher towards $42k

Bitcoin price analysis: BTC/USD on course to cross $45k resistance 1
Bitcoin price chart by TradingView

After reaching overbought conditions on the daily chart, Bitcoin has engaged in a short-term pullback during which leveraged longs will be liquidated according to Bitcoin price analysis. Support for BTC is currently between $35k and $38.3k – near historical moving averages, previous resistance flipped as support, fib retracement areas, and key price volume distribution zones.

The recent rally to $42.6k can be seen as a sign that bitcoin is strong. After the price went up above $42.2k (a “selling climax”) it then went up again at 42% – seemingly after it reached an overbought condition on the day’s chart of bitcoin trading volumes decreased during this rally – an essential indication of activity returning to the

BTC has shown significant volatility recently, reaching an overbought condition on the daily chart. Bitcoin price analysis shows that a pullback to near-term support is necessary for healthy market movement – in the $35k to $38.3 k range. BTC hourly analysis shows that this level of support will allow BTC to maintain a bullish market structure.

BTC/USD 4-hour chart: Technicals point towards higher price action

Bitcoin price analysis: BTC/USD on course to cross $45k resistance 2
Bitcoin price chart by TradingView

If the Bitcoin/USD pair goes below the 50-day moving average, it will be less likely to go back up. If the 50-day moving average is broken, this will also make it harder for Phase D of Wyckoff Accumulation. There doesn’t seem to be much selling pressure right now, but we’ll have to wait and see what happens next.

The price of Bitcoin (BTC) has gone from highs to lows over the last month, with just as many question marks as explanations. One thing is for certain: large operators have been testing the market recently and wait on a low supply before increasing prices again.

BTC has been falling in price on the 4-hour chart, even as strength is rising. It appears that this might be an early sign of a potential local bottom forming around 37,000.

The TD Sequential Indicator has turned fully bullish on the 4H chart. The 50-day moving average just crossed over the 21-day trend line, and market momentum is trending higher as per Bitcoin price analysis.

Bitcoin price analysis conclusion: BTC sentiment turns bullish

Previous bull markets have been prone to sporadic rallies. Bitcoin also tends to see these rallies after a bullish cross of its two moving averages. As the rally starts, the cryptocurrency usually pulls back near-term support and consolidates before starting the next leg higher.

Furthermore, the long liquidations on derivative exchanges have been slowing down without major spikes. That means that leveraged long positions may have already been wholly liquidated, which reduces selling pressure even more.

Bitcoin remains stable at current values before it again aggressively achieves a new benchmark milestone.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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