bullish

Bitcoin

when

Daily

<p>Bitcoin’s price has been trending lower since the last week of August, breaking below multiple support levels.</p>
<p>Yet, it’s currently showing signs of a possible rebound, as the asset jumped by more than four grand yesterday. Could there be more bullish moves on the horizon?</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://tradersfundhub.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>The daily chart demonstrates that the BTC price has dropped since getting rejected from the 200-day moving average, located around the $64K resistance level. Several support levels have been lost since, and the price has dropped to just over $52K.</p>
<p>The market has rebounded slightly from that level, but the momentum is clearly bearish. As a result, the asset still needs to break above the $64K zone and the 200-day moving average to begin a new bullish trend.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-Daily-Sep-10-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></p>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>In the 4-hour timeframe, it is evident that the price has been declining inside a descending channel. Yet, the market has broken above the channel recently, and a rally toward the $60K level is likely in the short term.</p>
<p>This is, of course, if the breakout is valid and the market does not quickly drop back inside the channel. With the RSI also showing bullish momentum in this timeframe, a rally higher is highly probable.</p>
<p><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-359143" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-scaled.jpg" alt="" width="2560" height="1307" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-1024x523.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-768x392.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-1536x784.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-2048x1046.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSDT-4H-Sep-10-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By <a href="https://tradersfundhub.com/authors" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Edris Derakhshi</a></p>
<h3 id="bitcoin-long-term-holder-sopr">Bitcoin Long-Term Holder SOPR</h3>
<p>In the Bitcoin network, long-term holders usually possess the majority of the supply. As a result, analyzing their behavior could be highly beneficial for understanding the market supply and demand dynamic.</p>
<p>This chart presents the 30-day moving average of the Long-Term Holder SOPR metric, which measures the ratio of realized profits/losses by long-term BTC holders.</p>
<p>As the chart suggests, the LTH-SOPR has been declining since the market’s failure to break above the $70K level. This demonstrates profit-taking behavior by long-term holders when the price is declining. If this trend continues, the subsequent selling pressure can lead to even more downtrend for the price.<a href="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="aligncenter size-full wp-image-359142" src="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/Bitcoin-Long-Term-Holder-SOPR-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a></p>
<p>The post <a href="https://cryptopotato.com/this-is-btcs-next-target-after-surging-4-daily-bitcoin-price-analysis/" rel="noopener noreferrer nofollow">This Is BTC’s Next Target After Surging 4% Daily: Bitcoin Price Analysis</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

This Is BTC’s Next Target After Surging 4% Daily: Bitcoin Price Analysis

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