Greed

Bitcoin

<a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" title="Bitcoin" class="f-link" style="font-size: 16px; background-color: rgb(255, 255, 255);">Bitcoin</a> has reached a significant milestone, surpassing $50,000 and signaling the start of the 2024 bull run. This surge, which has seen Bitcoin rise to over $52,000 within a week, can be attributed to various factors such as substantial ETF inflows, an upcoming Halving event, and strong performance in the US stock market. The cryptocurrency market has experienced remarkable growth, with a 5.40% increase in 24 hours, pushing its valuation to $2.05 trillion, surpassing its previous peak in January and reaching its highest level since December 2021.
Amidst the excitement, technical indicators paint a positive picture. Bitcoin Futures Open Interest (OI) has notably increased, indicating rising interest and activity within the market. CoinGlass data reveals a surge in OI by 3.58% to $24.58 billion or 467.46K BTC, with significant upticks observed on exchanges like CME and Binance.
From a broader perspective, the emergence of the Fibonacci pattern suggests a potential target around the $58,000 mark. While market sentiment appears mixed, with the Fear and Greed Index indicating signs of greed, caution is warranted as Bitcoin's RSI hits 82, signaling an overbought condition and making the market vulnerable to volatility, profit-taking, and FUD (fear, uncertainty, and doubt).
Expectations are high for further Bitcoin rallies, driven by the upcoming Halving event historically associated with significant price surges. Additionally, market participants await crucial US economic data, including the Consumer Price Index (CPI) today and the Producer Price Index (PPI) on Friday.
Despite anticipations for multiple rate cuts by the U.S. Federal Reserve, elevated inflation numbers could dampen market sentiment. The possibility of such data triggering significant sell-offs across global financial sectors, including the crypto market, remains a concern.
A bullish breakout from the cup-and-handle pattern suggests a potential trend reversal and provides an entry opportunity for traders. However, on the daily chart, the upper resistance of the expanding megaphone pattern may trigger a retracement in BTC price in the short term.
Nonetheless, a minor resistance around $53,000 indicates the potential for a correction towards the $50,000 to $48,000 range, near the 61.80% Fibonacci retracement levels. According to <a href="https://www.coingabbar.com/en/price-prediction" title="Coingabbar predictions" class="f-link">Coingabbar predictions</a>, if bulls manage to hold this level, BTC could rally towards the $58,000 to $69,000 range.
<img alt="Image title" src="https://d3iuzwoiyg9qa8.cloudfront.net/webadmin/storage/public/commonEditerImage/kR3AR0siFotGm9gW5KpXGIZBG9RjrASFWg1xTsEN.png" width="300" style="min-width: 16px; min-height: 16px; margin-bottom: 10px; margin-left: auto; margin-right: auto; margin-top: 10px">
KEY LEVELS :
RESISTANCE LEVEL : $58,000-$67,000
SUPPORT LEVEL : $48,000-$40,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

The million-dollar question: when will this Bitcoin rise end

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