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Bitcoin consolidates just below key resistance with bullish momentum building. Breakout above $95.3K could trigger a surge toward the $100K liquidity zone. Bitcoin (BTC) is currently trading within a narrow range, signaling a potential breakout as market momentum remains firmly bullish. At the time of writing, Bitcoin is priced at $94,858, with a 24-hour trading […]
The fluctuations in Bitcoin’s price have marked the tempo of the crypto market and the communitys sentiment. While some feel pessimistic about the rally slowdown, some analysts believe the flagship cryptocurrency is just getting ready to reach higher notes. Related Reading: Is The Bitcoin Top Already Here? This Historical Pattern Says So Next Stop: Bitcoins Parabolic Upside Crypto analyst and trader Rekt Capital considers Bitcoin (BTC) is currently awaiting a period of consolidation. In an X post, the trader highlighted that, during the previous Halvings, BTC saw Re-Accumulation Ranges. The analyst shared his chart for Bitcoin phases during the Halving, which he has previously used to explain BTC was at the Last Pre-Halving Retrace before April 19. At the time, the analyst pointed out that the re-accumulation phase was next. Bitcoin went through one during the previous Halving, as seen in the chart. The re-accumulation consisted of two consolidation periods followed by the Post-Halving Parabolic Upside, which saw BTC reach last cycles all-time high (ATH) of $69,000. Bitcoin phases during the "Halving". Source: Rekt Capital on X Rekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the Pre-Halving Rally phase. Per the analyst, this will be followed by the Parabolic Upside if history repeats itself. Analyst Mikybull seems to share a similar view to Rekt Capitals, as he highlights that Bitcoins parabolic rally is loading. The re-accumulation breakout is set to be explosive, and not many are prepared for this, he added. The analyst explained that the RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top. Based on this, he believes the current consolidation comes from institutions preparing for a huge rally to cycle top. Analyst Sets Crucial Level For Bitcoin’s Breakout A day before Bitcoins Halving, the cryptocurrency faced a correction that shredded 7% of its price in a few hours. BTC went from hovering between the $64,000-$63,000 price range to trading below the $60,000 support zone. Since then, the largest cryptocurrency by market capitalization appears to have steadily recovered from the drop. Over the weekend, Bitcoin regained the $65,000 support level before testing the $66,000 one, which it reclaimed on Monday. Over the last few days, BTC has hovered between $66,000 and $67,000. However, it has not been able to successfully test the resistance level set at the $67,000 price range. According to the crypto analyst Bluntz, Bitcoins most recent performance suggests that the price will continue to move sideways between the $66,000 and the $67,000 range. However, he also considers that BTC is gagging for a breakout soon, as the chart displays a bullish pennant pattern forming. Per the analyst, once we clear 67k, the whole market will fly above the latest ATH. As of this writing, Bitcoin is trading at $66,665, a 7.5% increase from a week ago and a 66.22% in the last three months. Related Reading: Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End Bitcoin's performance in the weekly chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin (BTC) is on the bullish price trajectory and holding strong above its crucial support level. After hitting its recent low at $78k BTC gains momentum and preparing for next huge leg up. Over the past week, BTC is slightly up by 1.27% showing stability and potential for upward momentum. Currently, Bitcoin price is changings hands […]
On-chain data shows a bullish breakout brewing in the Binary CDD indicator for Bitcoin, a sign that a strong price rise could be ahead for the asset. Bitcoin Binary CDD Is Breaking Out Of Accumulation Zone As pointed out by an analyst in a CryptoQuant Quicktake post, the Binary Coin Days Destroyed (CDD) appears to be forming a pattern for the cryptocurrency that has usually been the starting point of a bullish trend. A “coin day” refers to a quantity that 1 BTC accumulates after staying dormant on the blockchain for “1” day. When a token that had been dormant for some number of days finally moves on the network, its coin days counter naturally resets back to zero. Related Reading: Chainlink Surges 12% To $18: Price Set To Retest $20 Next? The coin days that this token was carrying are thus said to be “destroyed.” The CDD keeps track of the total number of such coin days being reset through transactions across the network. The Binary CDD, the actual metric of interest here, compares the current CDD against its historical average to tell us whether the CDD is higher or lower than the norm right now. As its name suggests, it can only assume one of two values: 0 or 1. Now, here is a chart that shows the trend in the Bitcoin Binary CDD over the last few years: The value of the metric appears to have been getting more dense recently | Source: CryptoQuant From the graph, it’s visible that the Bitcoin Binary CDD didn’t register a value of 1 too frequently between the end of the 2021 bull run and the final parts of 2023. Since around November of last year, though, the density of instances where Binary CDD observed 1 has grown stronger. When the Binary CDD is 1, it means that the CDD is greater than its historical average currently. This implies that old coins are observing more movement than usual right now. The “long-term holders” (LTHs) are investors who carry large amounts of coin days at any given point, as they tend to keep their BTC dormant for long periods (the cutoff for a holder to be included in the cohort is 155 days). As such, spikes in the CDD tend to signal that these HODLers are on the move. “In an upward cycle, the movement of long-term holders increases as the price rises (orange boxes), and in a downward cycle, it decreases (blue boxes),” notes the quant. “This pattern has been repeating since the previous cycles.” Since the LTHs have started to move now, it’s possible the market is now in the same phase as during the previous bullish periods, highlighted with the orange boxes by the analyst. A similar pattern is also visible in the 182-day moving average (MA) of the Binary CDD, as the chart below shows. Looks like the metric is starting to show a breakout | Source: CryptoQuant As is apparent from the graph, the 182-day MA of the Bitcoin binary CDD is beginning to break out of the accumulation zone, which is something that has historically led to sustained price surges for the cryptocurrency. Related Reading: These Are The Four Key Bitcoin Price Levels To Watch, Reveals Analyst “It’s still worth monitoring, but finally, it has broken out of this range,” says the quant. “If it strongly surpasses this range, there is a high possibility that a full-fledged upward price cycle is beginning.” BTC Price After its dip towards the $42,200 mark over the weekend, Bitcoin appears to have kicked off the week with a return back above $43,000. The price of the coin has already bounced back today | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com
Bitcoin (BTC) is navigating through turbulent market conditions, facing a decline in value while fiercely defending its crucial $100,000 support level. Despite recent bearish pressure, BTC has managed to hold firm, signaling potential resilience for a bullish comeback. At the time of writing, Bitcoin’s price stands at $102,020, marking a 2.49% decrease over the past […]
After surpassing its $100,000 milestone, Bitcoin (BTC) recorded its largest retrace in the past month before recovering. Amid the flagship cryptos performance, some analysts have suggested the levels to watch and the next stops for BTCs rally. Related Reading: Ethereum To Pull A BTC 2021-Like Rally? Analyst Shares Massive Prediction Bitcoin Rally To Continue Above $100,000 On Thursday, Bitcoin hit its latest all-time high (ATH) of $103,600 in an 8% daily jump. The largest cryptocurrency by market capitalization broke out of a one-month bullish pennant and smashed past the $100,000 barrier for the first time in history. After the impressive surge, BTC retraced to the $98,000 mark before briefly plummeting to the $90,000 support zone. This 13% correction marks the largest drip for the flagship cryptocurrency since the post-election rally started a month ago and triggered around $1 billion in liquidations, its largest since August. Nonetheless, Bitcoin quickly recovered the $97,000-$98,000 price range, followed by a retest of the previous ATH levels around $99,000 on Friday morning. Renowned crypto analyst Ali Martinez noted that BTCs rally seemingly depends on a key support level. Martinez revealed the most significant support zone for Bitcoin was the $96,870 mark, where over 1.45 million addresses bought 1.42 million BTC. The analyst explained, As long as this demand zone holds, there is a good probability that BTC will continue marching higher. Moreover, he highlighted that the local Bitcoin top is not in yet, as these are usually reached around the Short-Term Holder Cost Basis +1 standard deviation. Per the analysts chart, this level stood at $112,926 at the time of the report, suggesting that BTC could jump another 13% before seeing the first major retrace. Will BTC Repeat Its 2017 Move? Crypto analyst Jelle pointed out that Bitcoin is still following the Q4 2023 fractal closely despite the dip. He suggested that now that the flagship crypto took out the liquidity on both sides, it would start pushing back to the $100,000 milestone. Jelle suggested that BTC would range until Christmas, when he forecasts the true breakout will happen if it continues following last years steps. Additionally, he noted that yesterdays $100,000 candle resembles BTCs candle when it first surpassed the $10,000 mark. In November 2017, Bitcoin rallied to $10,000 for the first time, hitting the $11,000 range before plummeting to $8,500. The following day, the largest crypto saw its price recover from the correction and retest the $10,000 barrier, finally turning it into support on the third day. After that, Bitcoin rallied around 90% in the next few weeks to the $19,000 2017 ATH. Based on this, the analyst suggests that the recent price volatility is totally normal and will push higher soon if it repeats history. Related Reading: Tron (TRX) Leads The Crypto Market With 100% Rally To New ATH, $0.5 Next? After the recovery, BTC successfully retested the bullish pennant, setting the stage for a six-figure price once and for all, Jelle stated, with the liftoff targeting the $130,000 level. As of this writing, the flagship crypto trades at $101,050, a 4.7% increase on the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin (BTC) tries the $100,000 support zone after falling to $98,000 during the recent market shakeout. According to some market watchers, the flagship crypto’s recent performance resembles its December 2023 trajectory, suggesting that BTC might see a massive breakout soon. Bitcoin Price Mirrors December 2023s Performance On Wednesday, Bitcoin and the rest of the crypto [...]
The post Bitcoin Price Repeating December 2023s Playbook: Is The Actual Breakout Yet To Come? appeared first on Crypto Breaking News.
The price of Bitcoin has shown no significant movement in the past day following a price rebound at the start of January 2025. Currently trading near $98,000, speculation is mounting about whether Bitcoin has exited its correction phase, with high expectations of an impending bull market. Related Reading: Short-Term Bitcoin Holders See 10% Profit Potential Impact On Price? Strong Bitcoin Support Zone Emerges Between $95,090-$96,531 In an X post on January 4, digital asset analysis platform More Crypto Online shared an insight on the present state of the Bitcoin market. With the application of the Elliott Wave Theory, these analysts deduced that Bitcoins price may have developed a potential 5-wave pattern which can be indicative of a bullish movement. For context, the Elliott Wave Theory works on the basis that financial markets move in predictable patterns due to investor psychology and natural market rhythms. The 5-wave pattern also known as the impulsive wave pattern generally moves in the direction of the larger trend. With Bitcoin still in a bullish shape despite recent corrections, the completion of the 5-wave pattern to the upward direction indicates a strong price rally i.e. BTC is out of correction with a focus on new highs. However, in order to solidify this notion of impending new all-time highs, Bitcoin must break above the December 26th price peak of $99,900 which represents a major resistance level. In the advent of any rejections/retracements amidst this bullish charge, the crypto analysts at More Crypto Online have pinpointed a significant support zone between $95,090 – $96,531 capable of acting as a cushion for retest. Albeit, if there is an overwhelming selling pressure, Bitcoin could slide as low as $92,950 representing a potential 5.5% fall from its current market price. Related Reading: Dogecoin Weekly RSI Approaches The MA Line, Can Price Resume Uptrend To Break $0.74 ATH? BTC Price Overview At the time of writing, Bitcoin is trading at $97,227 reflecting a 0.21% gain in the past 24 hours. Meanwhile, the assets daily trading volume has dipped by 17.25% and is valued at $30.03 billion. Bitcoin has also risen 3.57% over the past week but remains down 3.79% for the month. The premier cryptocurrency remains one of the best-performing coins in the last year having a profit of 121.32% in this timeframe. According to data from Coincodex, sentiments in the BTC remain bullish with the Fear & Greed Index now at 73 reflecting an almost extreme greed among investors. With the crypto bull market set to take off with the potential of a pro-crypto US government on the horizon, the analysts at Coincodex predict Bitcoin to reach $132,775 in the first quarter of 2025, and rise as high as $172,192 by June. Featured image from Finbold, chart from Tradingview
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