bullish

Jerome Powell

Bitcoin

Bitcoin just blasted past the $63,000 mark, currently trading at $63,697 with a modest gain of 0.10%. Yeah, it’s not a huge jump, but it’s solid enough to keep the bulls in charge. 
And we all got the honorable Jerome Powell to thank for that. The man decided to cut interest rates next month!&nbsp; Bitcoin breaking through that $63,000 resistance level is a big deal.&nbsp; 
Look at the Simple Moving Averages (SMAs) for 50, 100, and 200 periods. These are sitting at $61,086, $60,441, and $59,726, respectively. 
What’s important here? Bitcoin is trading well above these averages. That’s a pretty clear signal that the market is heavily bullish. 
The MACD is also throwing some heavy bullish vibes. The MACD line is sitting at 286.88, while the signal line is at 376.89. The histogram? It’s at 663.77. 
<img loading="lazy" decoding="async" class="alignnone wp-image-573293 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-23_21-05-13.png" alt="Bulls reignite Bitcoin rally, pushing prices over $63,000" width="2108" height="1502" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-23_21-05-13.png 2108w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-23_21-05-13-300x214.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-23_21-05-13-1200x855.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-23_21-05-13-768x547.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-23_21-05-13-1536x1094.png 1536w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/BTCUSD_2024-08-23_21-05-13-2048x1459.png 2048w" sizes="(max-width: 2108px) 100vw, 2108px"> 
These numbers show a solid gap between the MACD and signal lines, meaning the market is favoring the bulls. 
But here’s a little reality check: the Relative Strength Index (RSI) is at 80.08. Typically, an RSI above 70 means the asset is overbought, which could suggest a pullback is coming.&nbsp; 
But this isn’t a typical situation. When the bulls are this strong, the RSI can stay in the overbought zone for a while without much consequence. So, while the RSI is waving a yellow flag, don’t bet on it leading to an immediate drop. 
If you’re looking for more evidence that the bulls are in control, check out the derivatives <a href="https://www.coinglass.com/currencies/BTC" rel="nofollow noopener" target="_blank">market</a>. The total volume of Bitcoin derivatives trading has shot up by 33.31%, hitting $72.79 billion.&nbsp; 
When you see trading volume spike like this, it usually means more people are piling into the market, driven by bullish signals. 
<img loading="lazy" decoding="async" class="alignnone wp-image-573290 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-23-at-21.09.41.png" alt="Bulls reignite Bitcoin rally, pushing prices over $63,000" width="1920" height="474" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-23-at-21.09.41.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-23-at-21.09.41-300x74.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-23-at-21.09.41-1200x296.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-23-at-21.09.41-768x190.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/Screenshot-2024-08-23-at-21.09.41-1536x379.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
“Open Interest,” which tracks the total value of outstanding derivatives contracts, is up 7.20% to $34.17 billion. This increase means new money is flowing into the market, further supporting the rally.&nbsp; 
Whether you’re new to the game or an existing participant, it’s clear there’s confidence in the bullish trend. People are placing their bets, expecting this surge to continue. 
Options activity is also heating up. The “Options Volume” has jumped by a whopping 120.74%, reaching $2.97 billion. This spike indicates that traders are either hedging their bets or speculating on future price moves.&nbsp; 
However, there’s a slight drop in “Options Open Interest,” down 0.89% to $23.41 billion. This could mean some traders are taking profits or closing out positions, but it doesn’t seem to be dampening the overall bullish sentiment. 
<img loading="lazy" decoding="async" class="alignnone wp-image-573289 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/08/download-6.png" alt="Bulls reignite Bitcoin rally, pushing prices over $63,000" width="1920" height="494" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/08/download-6.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/download-6-300x77.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/download-6-1200x309.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/download-6-768x198.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/08/download-6-1536x395.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
Liquidation data from the last 24 hours reveals that a lot of traders betting against Bitcoin got burned. A total of $39.87 million in positions were liquidated, with $7.14 million in long positions and a much bigger $32.74 million in short positions.&nbsp; 
This lopsided liquidation shows that many who were betting on a drop got caught off guard as Bitcoin surged past $63,000. When this happens, it can create a snowball effect, with short sellers forced to cover their positions, which only adds more fuel to the fire. 
The bottom line? Bitcoin is on a tear, and the data backs it up. The bulls are running the show, and anyone betting against them is probably going to pay the price.

Bulls reignite Bitcoin rally, pushing prices over $63,000

Cryptopolitan_News

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