Ethereum

Bitcoin

Time

The post <a href="https://coinpedia.org/price-analysis/bitcoin-bull-run-activated-buy-signal-triggered-for-the-first-time-in-12-months-will-it-reach-100k/" rel="noopener noreferrer nofollow">Bitcoin Bull Run Activated: ‘Buy Signal’ Triggered For The First Time In 12 Months—Will It Reach $100K?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Soon after the launch of the spot Ethereum ETF, the markets began to consolidate, with the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> drowning below $65,500.&nbsp; Although the bulls jumped into rescue, they have been failing to attract the required buying pressure that could have assisted the price to reclaim the levels above $68,000. However, all the bearish speculations have come to an end as the miners have just let out a massive bullish signal, which is expected to keep the rally inflated for a long time ahead.&nbsp;
Hash ribbons have played a major role in determining the next price action of the BTC price rally. It dissipates the relationship between mining difficulty levels and hash rates based on 30-day &amp; 60-day MA. The hash ribbon indicated that the BTC price had entered the capitulation phase in May 2024. This suggests the miners were in complete distress as the price continued to drop from $71,000 to as low as $55,000. However, the ribbon has just flashed a ‘buy’ signal, indicating prospects for the Bitcoin price rally.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcnUcizaPZnCFmL3ZEmku2XqU6SgfOrrJs8uv7viAPlIL1MucRtAKjdgUl_ZPxhuc_J8Ht--oDsG551dmYTBzTKhgiR5lClgnnuDGhy9QgzT2oWF5FH4dZ9XXFhnj4xYkZSJLs0LuAxFBbrF9_-2IUZqxLe?key=i-2vsT8BrPgqaTbHewHSwg" alt="">
</figure>
Besides, the Ichimoku cloud has also flipped from bearish to bullish which indicates a momental shift towards the bulls. Therefore, the BTC price which has been trading within a descending parallel channel is expected to rise as it has been receiving significant bullish push since the early trading hours. Hence, only a rise above $69,000 may validate a rise above the bearish trap which may lead the levels to enter the final resistance zone between $72,300 and $73,300.&nbsp;
Therefore, the upcoming monthly close can be considered extremely important as it may impact the future trends of the rally. As the technicals have gone bullish, a notable ascending trend may follow; however, in case of a pullback, which is unlikely, the average bands of the channel at around $62,500 may offer a strong base to trigger a rebound.&nbsp;

Bitcoin Bull Run Activated: ‘Buy Signal’ Triggered For The First Time In 12 Months—Will It Reach $100K?

CoinPedia News

Andra artiklar publicerade 24 juli 2024

WazirX Plans Poll to Decide on Resuming Withdrawals and Trading

OpenAI could lose $5B this year and run out of cash in 12 months: Report

Tron Network and Ethereum hit new milestones in the number of transactions

INJ Signals Potential Breakout, PYTH Gains 20%: Analyst Insights

GameFi tokens show signs of returning narrative with 700% volume growth

New Memecoin Pepe Eats Solana (PEPEATS) Will Rally 19,000% Before Exchange Listings, As SHIB and ...

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!