Bitcoin Bulls Prepare for Surge: Higher Highs on the Horizon?
Currently, Bitcoin is showing resilience despite selling pressure, bouncing off the 20-day moving average. With BTC hovering above $69,000, it seems that bulls are gearing up for more gains in the near future.
- Bitcoin faces strong rejection at $72,000.
- If this level is breached, new all-time highs are likely in Q2 2024.
Speculative Activity Resumes: Is Bitcoin Set to Extend Its Winning Streak?
Analysts are optimistic about Bitcoin’s potential to reach new highs based on on-chain data analysis. Short-term BTC holders’ behavior indicates that there may be further upside in store for the flagship cryptocurrency.
- Recent data shows a rise in the realized market cap for Bitcoin held for less than a month.
- This metric historically signals an uptrend fueled by fresh capital influxes.
Realized market cap reflects the value of BTC in circulation at the acquisition price. The increasing market cap for recently acquired BTC suggests a growing confidence among investors in the future trajectory of Bitcoin.
In addition to rising market cap, short-term holders’ realized profits have decreased by 32%. This decline indicates a reluctance to sell at current prices, signaling bullish sentiments and reinforcing positive market outlooks.
Imminent Bitcoin Volatility? Resistance at $72,000
As short-term holders make a comeback, there has been a noticeable spike in BTC transfers from spot exchanges to derivatives exchanges. This trend hints at increasing leveraged positions taken by investors, potentially leading to higher volatility.
While on-chain metrics point to growing confidence, the price action in the coming days remains uncertain. The key resistance level for Bitcoin currently stands at $72,000.
If Bitcoin successfully rebounds from the middle Bollinger Band, confirming the June 3 gains, a break above $72,000 could pave the way for a sustained upward trend, pushing the price above $74,000.
Hot Take: Bitcoin Price Resilience Signals Potential for New All-Time Highs
At spot rates, Bitcoin is resilient, soaking in selling pressure and bouncing off the 20-day moving average, as evident in the daily chart. As BTC floats above $69,000, it appears that bulls are preparing for even more gains in the days ahead. For now, BTC has a strong rejection at $72,000. However, if this level is broken, the coin might easily break all-time highs and chart to fresh territory in Q2 2024.
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