Bitcoin

Rekt

Bitcoin could be on track for a significant pump based on a key technical indicator used by crypto analysts that flashed ahead of former President Donald Trump’s upcoming speech in Nashville. How high can Bitcoin’s price rise in the near term?
<h2 id="bitcoin-on-track-to-massive-pump-based-on-hash-ribbon">Bitcoin on track to “massive pump” based on hash ribbon</h2>
Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price could see significant bullish momentum based on hash ribbons, a popular indicator tracking two moving averages of hashrate, the estimated combined processing power miners dedicate to the network.
As Cointelegraph reported, the hash ribbons <a href="https://cointelegraph.com/news/bitcoin-massive-rally-buy-signal-1st-time-year">printed a buy signal on the daily chart</a> for the first time in a year on July 24.
Adding to the bullish momentum, the hash ribbons indicator has now printed another buy signal on the five-day chart, according to popular crypto analyst Titan of Crypto.
The analyst <a href="https://x.com/Washigorira/status/1816761256277106697/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in a July 26 X post:
<blockquote data-ct-non-breakable="true">
 “After the Hash Ribbons indicator flashed a buy signal on the daily chart, it’s now showing a Buy Signal on the 5-day chart, which is even more significant. Out of 8 past occurrences, this has resulted in a massive pump.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/ac0998c9-f44b-4536-bbd8-e7be0d326a13.jpeg" alt="Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K? " title="">
 <figcaption style="text-align: center;">
 BTC/USD, 5-day chart. Source: Titan of Crypto
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The buy signal flashed ahead of former <a href="https://cointelegraph.com/news/bitcoin-price-rebounds-united-states-donald-trump-conference-nashville-btc">President Donald Trump’s speech</a> in Nashville, which could be part of Bitcoin’s recovery. Bitcoin’s price rose 4.3% and recovered most of its losses from the week as traders eagerly anticipated Trump’s speech at the <a href="https://cointelegraph.com/news/political-undertones-trump-bitcoin-2024-nashville">Bitcoin 2024 conference</a>.
Moreover, the Bitcoin chart’s moving average convergence/divergence (MACD) has just printed a bullish cross, which suggests more upside momentum, according to pseudonymous trader Mikybull.
The trader <a href="https://x.com/MikybullCrypto/status/1816772905633538144/photo/1" target="_blank" rel="noopener nofollow">wrote</a> in a July 26 X post:
<blockquote data-ct-non-breakable="true">
 “Bitcoin has finally witnessed a MACD bullish cross on a 3-day chart, further validating this setup. The massive bear squeezes incoming folks!”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/913a242b-a779-4b15-9a1c-e69af6328fdf.jpeg" alt="Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K? " title="">
 <figcaption style="text-align: center;">
 BTC/USD, 3-day chart, bullish cross. Source: Mikybull
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="new-all-time-high-for-btc-s-price-if-71-500-breaks">New all-time high for BTC’s price if $71,500 breaks</h2>
Despite the bullish chart pattern, Bitcoin’s price needs to breach above the key $71,500 mark to have a chance at a new all-time high, <a href="https://x.com/rektcapital/status/1816834762142560394" target="_blank" rel="noopener nofollow">wrote</a> popular analyst Rekt Capital in a July 26 X post:
<blockquote data-ct-non-breakable="true">
 “Bitcoin successfully dipped to $65,000 and rebounded. Now let’s see if Bitcoin now rallies to $71,500. Bitcoin has an entire long weekend to do it.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/e3124abb-b108-492b-8103-2d1c72b6d1b3.jpeg" alt="Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K? " title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-week chart. Source: Rekt Capital
 </figcaption>
</figure>
But Bitcoin still faces significant resistance at the $68,500 mark first. A move above this level would liquidate over $560 million worth of leveraged short positions, according to CoinGlass <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">data</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/c93cbdc5-e021-4af5-83c7-f73bf17fd17d.png" alt="Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K? " title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map. Source: CoinGlass
 </figcaption>
</figure>
Short Bitcoin liquidations would surpass $1 billion at the $70,000 psychological mark.
At the same time, some traders believe that Bitcoin is facing an “impulsive upside” and that it could still <a href="https://cointelegraph.com/news/bitcoin-traders-warn-btc-price-dip-62k-even-lower">risk falling to the $62,000 mark</a>, warned popular trader Crypto Ed in a July 26 X <a href="https://x.com/Crypto_Ed_NL/status/1816721787154989216" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “I expected a corrective bounce, followed by another leg lower towards 62k and maybe even lower.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/cf32b657-4b04-4ea3-b24e-b0478251213e.png" alt="Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K? " title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Crypto Ed
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/marathon-digital-buys-100m-bitcoin-hodl-strategy">World’s largest BTC miner Marathon buys $100M BTC to go ‘full HODL’</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin ‘Trump pump’ potential matches key technical signal — Can BTC break $71.5K?

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Інші статті, опубліковані 26 лип. 2024 р.

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