Bitcoin

<p>Bitcoin analysts are closely watching the $60,000 level as a key inflection point that could determine bitcoin’s near-term price trajectory, according to X commentary from popular crypto analysts. However, a sustained close below this level might signal further downside to the next key exponential moving average (EMA) level.</p> 
<p>The 100-day EMA for bitcoin currently resides around $60,000. <a href="https://twitter.com/ali_charts/status/1785346977326043627" target="_blank" rel="nofollow">Analysts Ali (@ali_charts)</a> and Captain Faibik (@CryptoFaibik) pointed out that the last time bitcoin’s relative strength index (RSI) dipped to around 36 while testing the 100-day EMA was in late January, which sparked a significant price rebound.</p> 
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<p>“<em>The last time #Bitcoin tested the 100-day EMA while the RSI dipped to 36 was in late January, sparking a major price rebound. Now, $BTC is back at these levels! However, be cautious— a sustained close below the 100-day EMA might signal a drop toward the 200-day EMA,”</em> Ali stated.</p> 
<p><a href="https://twitter.com/CryptoFaibik/status/1785515818853265455" target="_blank" rel="nofollow">Captain Faibik</a> (@CryptoFaibik) shared a bullish outlook, stating: <em>“Last time, $BTC bounced back from the daily MA100, and now it’s testing it again.”</em></p> 
<p>He believes that if <a href="https://captainaltcoin.com/bitcoins-btc-bullish-patterns-emerge-is-a-market-super-cycle-on-the-horizon-pay-attention-to-these-metrics/" target="_blank">bitcoin</a> can bounce back from the current levels around the 100-day moving average, similar to the previous instance, it could kickstart a bullish rally in the coming days. Faibik even raised the possibility of bitcoin hitting a new all-time high this month if the rally materializes, though he didn’t provide specifics on the potential price levels.</p> 
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<h2 class="wp-block-heading" id="fundamentals-and-on-chain-data-could-support-btc-price-rise">Fundamentals and On-chain Data Could Support BTC Price Rise</h2> 
<p>Tailwinds that could support a potential bitcoin price rise include the recent launch of the first bitcoin exchange-traded fund (ETF) in Hong Kong, which may attract fresh capital inflows from traditional investors. Bitcoin price action following the approval of a spot bitcoin ETF in the United States earlier this year is also cited as a bullish catalyst, with bitcoin surging from around $45,000 in January to over $73,000 by March.</p> 
<p>On-chain analytics firm <a href="https://twitter.com/santimentfeed/status/1785463875313561799" target="_blank" rel="nofollow">Santiment</a> observed increasing levels of fear, uncertainty, and doubt (FUD) in the market, which they suggest could be a contrarian indicator pointing to an impending relief rally. <em>“After #Bitcoin’s -6.0% drop in the past 24 hours, we’re starting to see an appealing level of #FUD that could be indicating a relief rally is around the corner,”</em> Santiment tweeted.</p>  
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<h2 class="wp-block-heading" id="the-catch-a-close-above-60k-is-needed">The Catch: A Close Above $60K Is Needed</h2> 
<p>However, the analysts warn that a sustained close below the $60,000 level, which coincides with the 100-day EMA, could signal further downside toward the 200-day EMA, currently residing around $53,000. At the time of writing, bitcoin is trading around $58,000, leaving traders to exercise patience as price action can be unpredictable, and various factors can influence <a href="https://captainaltcoin.com/top-cryptocurrency-token-unlocks-this-week-including-pyth-network-pyth-sui-and-more/" target="_blank">cryptocurrency</a> prices.</p> 
<p>As analysts closely monitor the $60,000 level, a decisive close above this key technical resistance in the short-term could potentially catalyze a bullish rally, while a failure to hold could open the door for further downside towards the $53,000 area.</p> 
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<p>The post <a href="https://captainaltcoin.com/bitcoin-price-trajectory-analysts-eye-this-key-btc-level-for-potential-bullish-rally-but-theres-a-catch/">Bitcoin Price Trajectory: Analysts Eye this Key BTC Level for Potential Bullish Rally, But There’s a Catch</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Bitcoin Price Trajectory: Analysts Eye this Key BTC Level for Potential Bullish Rally, But There’s a Catch

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