Bitcoin is back up to $67,800 and fighting the resistance after staying below the $65,000 zone. The lowest price point Bitcoin touched was $63,506.36 before it started riding back up. Let’s understand the reasons behind the rise of Bitcoin.
Charts showing Bullish Signs
The hourly chart shows small moving averages like 20 and 50 crossing over to the bigger averages 100 and 200, which is a bullish move. The price is moving in a very strategic order, taking corrections after every few hours. If the price does not take regular small corrections, it will take a big correction after reaching a particular point.
Source : TradingView
External Factors boosting BTC Price
On a 4-hour chart, we can see Bitcoin is trying to get a closing on the support level of $67,800 so it can retest the latest support. This surge in price is also due to the reason that crypto pro Presidential candidate Donald Trump would be speaking at the Bitcoin conference 2024 going on in Nashville on Saturday. Along with that, the Bitcoin ETFs are also seeing a rise in inflows. All these sentiments are showing that investors are regaining their trust in Bitcoin.
Source : TradingView
Technical Indicator Support Bullish Outlook
In the 4-hourly chart, we can see a crossover in the MACD chart that shows the bulls are getting in power. On the other hand, if we check the liquidation data of Bitcoin, we can see a huge number of short traders got liquidated, indicating the bullish market movement.
Source : CoinGlass
Data from IntoTheBlock shows 93% of the people are in the money for Bitcoin and 7 percent are “at the money”.
Source : IntoTheBlock
Current Market Conditions
At the time of writing, Bitcoin is trading at a price of $67,988 with a rise of 3.38% in the last 24 hours, even though the trading volume of BTC has reduced by 20.32%. The Fear and Greed Index is at 59 and has the market dominance of 55.4%.
What to Expect
Historic data shows that the market has a tendency of taking a small correction after it surges and breaks a resistance. It is required so the market can retest the latest support. As of now, the price of Bitcoin is exactly at the support zone. And before it can proceed towards the $68,000 resistance zone it might need to consolidate at this zone for a few hours. Also, watch out for Donald’s speech at the Nashville conference, it can give a sudden pump to Bitcoin.