Future

Strong

Bitcoin

Show

Divergence

<ul> 
 <li aria-level="1">Long-Term Bitcoin Investors Show Confidence, Holding Their Investments Despite Market Fluctuations And Approaching Highs.</li> 
 <li aria-level="1">Technical Analysis Identifies $63,440-$65,470 As Key Support Levels For Bitcoin, Indicative Of Strong Buying Interest.</li> 
</ul> 
Bitcoin continues to demonstrate resilience as it approaches its previous high, with long-term holders showing no signs of selling their stakes. This trend is indicative of a strong belief in Bitcoin’s value over the long term, regardless of current market volatility. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 If you're selling <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> now, you likely haven't held it for over 3 years, as veteran holders aren't selling. 
 • Bull market investors (holders of 6 months to 2 years) sold most of their BTC as it approached its previous ATH. 
 • Bear market investors (holders of over 2 years)… <a href="https://t.co/9crhTU7lea">pic.twitter.com/9crhTU7lea</a> 
 — Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1815420992577007779?ref_src=twsrc%5Etfw">July 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 id="b-investor-behavior-amid-market-fluctuations-b">Investor Behavior Amid Market Fluctuations</h2> 
<figure id="attachment_83539" aria-describedby="caption-attachment-83539" style="width: 100%" class="wp-caption aligncenter">
 <img fetchpriority="high" decoding="async" class="wp-image-83539 size-full" title="analyzing-bitcoins-bullish-signals-what-macd-and-rsi-indicate-for-investors" src="https://www.ethnews.com/wp-content/uploads/2024/07/GTGnPMHW8AEUi26.jpeg" alt="analyzing-bitcoins-bullish-signals-what-macd-and-rsi-indicate-for-investors" width="900" height="506">
 <figcaption id="caption-attachment-83539" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Data from CryptoQuant indicates that Bitcoin holders who have retained their investments for over three years are not participating in the recent sales. 
<figure id="attachment_83543" aria-describedby="caption-attachment-83543" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-83543 size-full" title="analyzing-bitcoins-bullish-signals-what-macd-and-rsi-indicate-for-investors" src="https://www.ethnews.com/wp-content/uploads/2024/07/GTGqp2yWIAI2dc8.jpeg" alt="analyzing-bitcoins-bullish-signals-what-macd-and-rsi-indicate-for-investors" width="900" height="506">
 <figcaption id="caption-attachment-83543" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
This suggests that the veteran investors are not swayed by short-term price movements and maintain their holdings based on a longer-term outlook on Bitcoin’s value. 
<h2 id="b-technical-analysis-and-market-indicators-b">Technical Analysis and Market Indicators</h2> 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Technical <a href="https://www.ethnews.com/peter-brandt-predicts-downward-spiral-for-bitcoin-a-closer-look-at-the-bearish-trend/">indicators by ETHNews</a> reveal that Bitcoin has established solid support between $63,440 and $65,470. These levels are critical as they represent buying interest that could stabilize prices during potential market dips. 
According to market analyst Ali Martinez, breaking through multiple trend lines on the hourly chart has identified these zones as key supports for Bitcoin’s price. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 On the lower time frames, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is showing signs of a double bottom pattern with bullish RSI divergence. If confirmed, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> could rebound to $67,600. 
 However, the $66,000 support level needs to hold! <a href="https://t.co/NBr7xbsyMZ">pic.twitter.com/NBr7xbsyMZ</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1815743814994145351?ref_src=twsrc%5Etfw">July 23, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
At present by ETHNews, Bitcoin trades at $66,680.44 with a daily trading volume of approximately $43.18 billion, showing a minor decline of 0.85% in the past 24 hours. 
<figure id="attachment_83551" aria-describedby="caption-attachment-83551" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-83551" src="https://www.ethnews.com/wp-content/uploads/2024/07/BTC-1day-tradingview.png" alt="BTC-1day-tradingview" width="721" height="537">
 <figcaption id="caption-attachment-83551" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
The Moving Average Convergence Divergence (MACD) currently shows a <a href="https://www.ethnews.com/is-bitcoins-recent-rally-sustainable-analysts-predict-challenges-ahead-for-q3-2024/">bullish trend</a> with the signal line below the MACD line, an indicator of potential bullish momentum. However, traders should exercise caution as the indicator approaches overbought levels, suggesting a possible price correction. 
<h2 id="b-current-and-future-market-outlook-b">Current and Future Market Outlook</h2> 
<figure id="attachment_83547" aria-describedby="caption-attachment-83547" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-83547" src="https://www.ethnews.com/wp-content/uploads/2024/07/BTC-liquidations-X.png" alt="" width="679" height="339">
 <figcaption id="caption-attachment-83547" class="wp-caption-text">
 The liquidity at $68.9k keeps increasing non-stop, and it just seems a matter of time before Bitcoin hits that level.
 </figcaption>
</figure> 
Market analysts like <a href="https://x.com/CrypNuevo/status/1815455026929643762">CrypNuevo suggest</a> that Bitcoin could potentially reach the $68,900 mark. However, the pathway to this level is uncertain—whether it will encounter a correction before climbing further or ascend directly. 
The Relative Strength Index (RSI) at 61.45 supports a bullish view but is nearing overbought territory, which could signal a forthcoming adjustment in price. 
<h3 id="b-on-chain-observations-b">On-Chain Observations</h3> 
<figure id="attachment_83555" aria-describedby="caption-attachment-83555" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-83555" src="https://www.ethnews.com/wp-content/uploads/2024/07/BTC-addresses-and-transactions.png" alt="BTC-addresses-and-transactions" width="1041" height="438">
 <figcaption id="caption-attachment-83555" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
On-chain <a href="https://www.ethnews.com/utilizing-historical-data-bitcoin-decay-channels-approach-to-predicting-price-movements/">metrics</a> show a decrease in active addresses and transaction counts since their peak in late February and early April, indicating a slowdown in market engagement. This aligns with the overall observed market behavior, suggesting a cooling period following a phase of heightened activity. 
The post <a href="https://www.ethnews.com/analyzing-bitcoins-bullish-signals-what-macd-and-rsi-indicate-for-investors/">Analyzing Bitcoin’s Bullish Signals: What MACD and RSI Indicate for Investors</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Analyzing Bitcoin’s Bullish Signals: What MACD and RSI Indicate for Investors

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Alte articole publicate pe 24 iul. 2024

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