Bitcoin On-Chain Behavior Reflects Cyclical Patterns Amid Recent Price Surge
Crypto News – In a recent post, a user known as NeuroInvest Research highlighted a recurring pattern in Bitcoin’s on-chain behavior. According to the user, this pattern often responds to external events.
The post also noted a significant surge in Bitcoin outflows, coinciding with a notable increase in on-chain liquidity. As of the latest update, the cryptocurrency market leader was trading at $38,765.40. Over the past 24 hours, Bitcoin saw a 1.76% increase in its value, pushing its weekly performance to a positive 2.45%.
Bitcoin managed to break through the crucial $38,000 resistance level within the last 24 hours. If this bullish trend persists, the leading cryptocurrency may target the $40,000 resistance level in the next 24-48 hours.
Conversely, a sudden wave of selling pressure could lead to Bitcoin retesting the $38,000 support level. A breach below this significant price point could expose Bitcoin to a potential drop to $36,880. In an exceptionally bearish scenario, the cryptocurrency, with the highest market capitalization, might see its value decline as far as $35,820.
Technical indicators provide further insights, suggesting a potential rise for Bitcoin over the next 24-48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signals.
With the MACD line on the verge of crossing the MACD Signal line and the RSI positioned above the RSI Simple Moving Average (SMA) line, it appears that buyers currently hold an advantage. Should these technical signals prove accurate, Bitcoin could make its way towards the $40,000 mark in the coming days.
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