Bitcoin price analysis: Bitcoin (BTC/USD) has sustained a positive technical stance during the early phases of the Asian trading session, with an apparent intent to amplify the ongoing upward momentum that gained traction around the 42846.53 level. The bullish sentiment was reinforced as market participants added to their long positions in the vicinity of the 43072 area, strategically timed with BTC/USD testing the 23.6% retracement level within the appreciating range spanning from 36715.10 to 45000.
Bitcoin Price Analysis: Rebound from 43,072 Dollars Indicates Positive Momentum
Recent market dynamics triggered stop orders situated above the 42721.31 and 44481.98 levels, further fueling the ongoing appreciation. Upside price objectives are now intricately tied to buying activities concentrated around the 15460 and 19568.52 areas. The recent attainment of a multi-month high near the 45000 figure was not merely a price peak; it served as a test of the 45278.22 level, an upside target linked to historical advances around the 3858 region.
The ascending trajectory unfolds additional targets at 46105, 46487, and 49161 levels, with corresponding stop levels placed above. Despite the recent surge, key regions of technical support and potential buying interest are identified around the 40256, 38998, 38028, 37321, and 35285 levels.
Technical indicators on the 4-hourly chart underscore a bullish bias, with the 50-bar Moving Average (MA) positioned above both the 100-bar MA and the 200-bar MA, signifying robust upward momentum. Similarly, on the hourly chart, the 50-bar MA maintains a bullish orientation above the 100-bar MA and the 200-bar MA.
Currently, the price action is proximate to the 50-bar MA (4-hourly) at 41452.03 and the 50-bar MA (hourly) at 43641.17. Anticipated technical support zones are foreseen around 37392.45, 36720.55, and 35633.00, with associated stop levels expected below.
Conversely, technical resistance zones are projected around 46487.10, 47108.16, and 48240.00, with corresponding stop levels anticipated above, signifying potential areas of selling pressure.
Delving into the 4-hourly chart’s technical indicators, SlowK is currently positioned bearishly below SlowD, while the MACD remains bearishly below the MACD Average, indicative of a prevailing bearish sentiment. On the 60-minute chart, SlowK shows a bearish stance below SlowD, while the MACD exhibits a bullish positioning above the MACD Average, contributing to a nuanced outlook within shorter timeframes.
Anticipating a U.S. Dollar ‘Collapse’: Bitcoin Emerges as the Sole ‘Obvious Competitor’ Amid Predictions of a Cryptocurrency Surge, Including Ethereum and XRP, Fueled by Federal Reserve Money Printing
Bitcoin (BTC) and other cryptocurrencies, including Ethereum and XRP, have surged back into the spotlight this year amidst speculations that the Federal Reserve and China might unleash trillions of dollars into the global economy. The Bitcoin price has witnessed an almost 200% surge since the same period last year, contributing to the combined valuation of Ethereum, XRP, and the overall crypto market surpassing $1.5 trillion for the first time since early 2022. This surge is fueled by mounting expectations of Wall Street’s imminent entry into the market.
Recent rumors circulating about a clandestine “sovereign” Bitcoin bid have heightened the anticipation among crypto analysts, predicting that the ongoing Bitcoin price rally could experience a significant boost in 2024. This speculation aligns with expectations of the Federal Reserve restarting its money printer, leading to the potential devaluation of the U.S. dollar.
Luke Nolan, a research associate at crypto asset manager CoinShares, stated in email comments, ‘If the easing of financial conditions plays out the way the market is expecting, and we see rate cuts in the middle of next year, as well as an increase in global liquidity which seems likely—these factors would be positive to support a sustained rally, and we very well could see $70,000 [per bitcoin] by year-end 2024 as a conservative estimate.’
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