bullish

Bitcoin

when

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-sees-bitcoins-imminent-upswing" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Sees Bitcoin’s Imminent Upswing</a><br></p>
<p style="text-align: justify">A well-regarded <a href="https://en.bitcoinhaber.net/investors-predict-september-market-trends" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a>, Credible Crypto, has identified signals suggesting a potential reversal in Bitcoin’s recent downturn. With 417,400 followers on the social media platform X, the analyst noted that trading activities indicate Bitcoin (BTC) is preparing for a short-term increase.</p>
<h2 id="is-bitcoin-poised-for-a-short-term-rise">Is Bitcoin Poised for a Short-Term Rise?</h2>
<p style="text-align: justify">A short-term rise typically happens when traders who initially sell an asset at a high price are compelled to repurchase it as the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> turns against them, causing further price increases. Credible Crypto has shown optimism regarding Bitcoin, citing rising spot market demand and steady open interest (OI) in derivative contracts as positive indicators.</p>
<h2 id="what-do-the-technical-indicators-show">What Do the Technical Indicators Show?</h2>
<p style="text-align: justify">The analyst shared a chart revealing that Bitcoin appears ready for an upward movement after briefly dipping below the $54,600 support level. According to the chart, Bitcoin experienced a deviation pattern after a temporary surge beyond its trading range, which usually signals a quick reversal. The trader believes BTC will rise again after its slight fall below the $54,600 level.</p>
<h2 id="key-insights">Key Insights</h2>
<ul>
 <li>Spot market buyers, particularly on Coinbase, are consistently purchasing Bitcoin.</li>
 <li>Spot sellers on Binance remain inactive, contributing to market stability.</li>
 <li>Perpetual futures CVD (cumulative volume delta) has remained flat.</li>
 <li>Negative funding rates suggest trader confidence in a positive reversal.</li>
 <li>These factors collectively point towards a bullish divergence and a potential price rise.</li>
</ul>
<p style="text-align: justify">Currently, Bitcoin is trading at $55,265. Credible Crypto’s analysis suggests that the ongoing buyer demand and stable open interest are signs of a robust upward movement. If these conditions continue, Bitcoin is likely to maintain its upward trajectory.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/analyst-sees-bitcoins-imminent-upswing" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Sees Bitcoin’s Imminent Upswing</a></h5>

Analyst Sees Bitcoin’s Imminent Upswing

Table of Contents

BH NEWS

Other articles published on Sep 9, 2024

Multicoin Capital’s Samani Calls for Improved Standards to Address Ethereum’s Layer 2 Problems

ONDO Price In Correction Mode: How Long Will The Decline Last?

Elon Musk and Tesla Win Legal Battle as Dogecoin Lawsuit is Thrown Out

Cardano smart contract transactions expanded by 30% in August

BlackRock Leads Ethereum ETF Purchases Despite Market Struggles

Bitcoin’s Strength Contrasts with Muted Altcoin Market

Join our free newsletter for daily crypto updates!