BTC Breakout Alert: Momentum Builds for Massive Surge
With growing long holdings and MetaPlanet’s $26 million Bitcoin acquisition, Bitcoin is getting close to $85K. After a slight decline on Sunday, Bitcoin is now trading at $85,212. At $85,449, the 24-hour high, Bitcoin is putting itself to the test against important opposition. The momentum toward $92,000 could be fueled by a successful escape.
Bitcoin breaks above a long-standing descending resistance trendline on the daily chart, displaying a robust recovery from the 50% Fibonacci retracement near $75,500. With this movement, the recent short-term decline comes to a conclusion, and a possible bullish turnaround begins. Bitcoin is currently approaching the 200-day Exponential Moving Average (EMA), a crucial technical barrier, after breaking through the 61.8% Fibonacci level at $82,000. Convincingly recovering $85,000 would validate bullish intent.
Death Cross or Bull Run? Bitcoin’s Next Move Hangs in the Balance
But because of the recent pullback, the 50-day EMA is still going lower, suggesting a possible death cross if it crosses the 200-day EMA. A possible trend reversal is indicated by the breakout’s induction of a bullish crossover in the MACD and signal lines, which is bolstered by expanding bullish histogram bars. The broken resistance trendline may be retested by the current V-shaped recovery close to the 61.8% Fib level. Significantly increasing the likelihood of a sustained rally would be a clear 24-hour candle closing above the 200-day EMA.
Futures Data Signals Bullish Surge as Bitcoin Tests Key Resistance
On the other hand, long positions in the futures market are noticeably increasing as Bitcoin tests important resistance. The Bitcoin long/short ratio has risen to 1.0704, according to Coinglass, with long positions making up 51.7% of all positions during the past 12 hours. Bitcoin’s open interest has increased to $55.73 billion as a result of this increase in long posture, suggesting high participation and a bullish breakout expectation.
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