bullish

Bitcoin

Status

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin has seen a near 18% rally after bouncing off the $53.8K support level, pushing towards the upper boundary of its down-channel.</li>
 <li>A ‘golden cross’ on the daily chart suggests bullish potential, but confirmation is needed with a close above the down channel’s upper boundary.</li>
</ul>
<p>Bitcoin has been following a downward channel trajectory, but recent gains have triggered a golden cross on its exponential moving averages (EMAs).</p>
<h2 id="bitcoin-s-current-status">Bitcoin’s Current Status</h2>
<p>Currently, <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is trading at around $63,446. The recent price actions indicate a battle between buyers and sellers, with Bitcoin teetering on the edge of the pattern.</p>
<p>The 20-day EMA recently crossed above the 200-day EMA, forming a ‘golden cross’ on the daily chart. This typically precedes a continued upside on the chart.</p>
<h2 id="potential-market-movements">Potential Market Movements</h2>
<p>If Bitcoin breaks out above this level, it could trigger a sustained rally towards the $67,000 – $70,000 range. However, the price has yet to break the upper boundary of the downward channel. If the buyers fail to push through, it could trigger a short-term pullback, potentially leading to a drop towards $60,000 or even $55,838.</p>
<p>The RSI is currently around 62.52, indicating a strong bullish edge. However, it’s important to note that there are signs of potential bearish divergence with the price. Meanwhile, the MACD indicator reaffirms the bullish momentum.</p>
<p>Bitcoin’s volume has dropped by 19.93% to $47.39B, suggesting a relatively weak daily movement. The long/short ratio for the last 24 hours is slightly bearish at 0.9869. However, top traders on <a href="https://coineagle.com/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a> show more confidence in the bulls with a long/short ratio of 1.0172.</p>
<p>The golden cross between the 20-day and 200-day EMAs suggests bullish potential, but traders should wait for confirmation with a close above the upper boundary of the down channel.</p>

Maximize Profits: A Guide for Bitcoin Traders on Leveraging Patterns

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CoinEagle.com

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