Technical Analysis of Bitcoin:
Bulls in Bitcoin Regain Strength After Recent Contraction
Technical Analysis of Bitcoin
On the last day :
Bitcoin showed a dynamic display, characterized by large fluctuations
and upward movements across different periods.
After peaking at $69,210 per unit on March 5, cryptocurrency fell below
the $60,000 threshold, then rose again on Wednesday
stationing in the range of $66,500 to $67,500.
Bitcoin :
Over the course of March 6th, bitcoin tracks (BTC)
were reflected at clock intervals just as market dynamics were alive.
The day's trading range stretched from $60,861 to $67,645
highlighting the continued attractiveness of cryptocurrency
and optimism among traders.
- With a weekly increase of 12.5%
- Wednesday reflected bitcoin's continued
- positive momentum. Accurate examinations of
- oscillation indicators reveal a generally neutral underlying position.
The relative strength index (RSI) at 73
the fractional index at 85, and the commodity channel index (CCI)
reached 114, all indicating perceived optimism in market sentiment.
However :
the momentum index at 14,853 and the moving average shift level (MACD)
at 4,814 clearly indicate upward signals
suggesting a positive current ready to break the surface.
The narrative told
by bitcoin traffic averages (MAs) strongly points to the upward trend
with all indicators from the 10-day exponential moving average (EMA)
at $62,150 to the 200-day simple moving average (SMA)
at $38,040 adopt an
appetite open to continue positive. This compatibility across short
medium and long-term averages demonstrates a strong basis of support
pushing the bitcoin curve towards unexplored areas.
The combination of neutral vertical indicators and rising motion averages offers
a complex but promising view. While vertical indicators suggest a breathtaking
pause :
- pointing to interest and continued investment in bitcoin's
- potential for growth. After its last restoration on Wednesday
bitcoin appears ready to challenge its historic summit again
as bulls gather momentum.
Positive Decision :
While we estimate the essence of bitcoin performance on 6 March 2024
through the lens of oscillators and moving averages, the prevailing sensation
clearly tends towards a revolutionary direction. The strong levels of support
indicated by moving averages, combined with selective optimism from oscillators
paints a coin picture on the brink of additional climbing. Due to strong technical
indicators and underlying market dynamics
bitcoin appears ready to continue its revolutionary trajectory.
Negative decision
Conversely, a cautious examination of the same technical indicators may justify
a dubious judgment for the immediate future of bitcoin.
While revolutionary indicators are undeniable, high positions of some oscillators
such as the Relative Strength Index and the Random Index close to the areas taken
suggest that current bitcoin price levels may not be sustainable in the short term.
This scenario assumes that the market needs correction
as is usually the case after periods of rapid rise.
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The price of bitcoin jumps to a 2024 high, surpassing $66,000
and close to a record high as the split approaches.
Bitcoin Price Today :
Bitcoin reached a new peak for 2024 on Monday at 11:13 a.m.
Eastern Region Time (ET)
exceeding the $66,000 threshold.
Over the past year, the value of bitcoin has risen by 196%
and increased by 157% over the last six months when measured in US dollars.
At the time of writing, the leading digital asset
is approaching the $67,000 threshold.
The price of bitcoin today is approaching
a record level over the ages.
As the partition approaches in the network, less than 7,000 blocks remain
and bitcoin's value has skyrocketed against the dollar. On Monday, March 4, 2024
the price of bitcoin reached its highest level in 2024
rising to $66,851 at 11:13 am (ET)
exceeding the peak of $64,000 achieved just five days ago on February 28.
After exceeding the $66,000 level
Bitcoin exceeded the market value of its strong social media platform attendance
Meta Platforms (previously Facebook). Bitcoin is now ranked ninth largest asset
globally in terms of total market value.
Today, bitcoin has a trading volume of about $52.84 billion, contributing to
the global 24-hour digital economy trading volume of $156 billion.
However :
this volume is less than the 24-hour USDT trading volume on Sunday
which is $86 billion.
USDT ranks first as the main trading pair for bitcoin, followed by the first digital
dollar (FDUSD) as the second most important trading pair for bitcoin. After
FDUSD, the most popular trading pairs for bitcoin include USD, USDC, KRW
EUR, TUSD, and GBP, to complement the top eight trading pairs for bitcoin.
Although bitcoin has returned to the $66,000 level, it enjoys a special position on
South Korean trading platforms such as Upbit and Bithumb, trading at $69,166
per unit. Currently, bitcoin is only about 4% of
its historic peak of $69,044 per unit, achieved on November 10, 2021.
Bitcoin will soon
be worth a kilogram of pure gold
equivalent to 35.27 ounces, with bitcoin's current value at 32.6 ounces.
It is important to remember that during bitcoin's elevation trends
20-30% descents are not uncommon.
Clearly :
bitcoin has enjoyed a steady rise over the past 140 days, with only slight declines
observed. The cryptocurrency saw a remarkable 20% decline after temporarily
reaching $49,000, coinciding with the approval of bitcoin instant trading funds
which is its first significant decline since mid-October 2023.
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