Main takeout:
Bitcoin OnChain and technical data suggest that the new highs are imminent.
GlassNode data shows BTC accumulation by most Bitcoin wallets.
Due to the daily release, the weak momentum is a signal, which causes doubts about the ability to gather from $ 120,000 to $ 130,000 of BTC.
Bitcoin (BTC) prices have been repaid more than $ 105,000 during the US market trading session after forming a double floor pattern on a one -hour chart.
This week’s $ 100,000 liquidity was swept by $ 102,500, lending the foundation for a new Bitcoin price this week.
Bitcoin fractal suggests a new all -time high.
The current range of Bitcoin is a setting similar to the previous range between $ 97,900 and $ 92,700. Price behavior patterns can be summarized in three conditions.
The minimum and range height of the range led to an immediate trend reversal.
The double bottom occurred after the range ($ 97,900 and $ 107,144) was formed.
The double bottom formation occurred at the lowest point, sweeping the internal liquidity level, but the floor.
Bitcoin can integrate $ 105,200 (orange box) from $ 103,500 for the next 24 hours to reflect the initial side movement between $ 95,800 and $ 97,300. If this pattern is maintained, Bitcoin is likely to be destroyed more than $ 107,000, reaching a new highest point of $ 110,000 this week.
On the contrary, if you do not have $ 103,500, the support of $ 102,000 can be restarted. This will be treated as an invalidation of the price fractal, which can open the new lowest possibilities of less than $ 102,000 in the future.
Related: Bitcoin ignores the Moody’s us debt download and returns to $ 105K after selling profits.
Will Bitcoin overcome the weakness of weakness every day?
GlassNode has shown significant changes in the Bitcoin Investor behavior, and the latest accumulation trend score chart has joined the strong trend of 0.55 points with small holders of less than 1 BTC. The larger cohort with 100-1,000 BTC and 1,000–10,000 BTC showed a strong accumulation score of 0.9 and 0.85, respectively.
Only 1-10 BTC Cohort remains distributed. The heat map that switches from blue (distribution) to red (accumulation) suggests that market trust is increasing. Historically, this trend is ahead of the BTC price rally.
However, crypto analyst BLUNTZ mentioned a weak difference in the daily chart, which was able to weaken the hope of BTC for the best of the new history this week. The higher the price, the weaker, but the higher the relative strength index (RSI) indicator is formed, which begins to disappear as the price increases.
Similarly, Bitcoin analyst Matthew Hyland pointed out that if the bull wants to maintain control, the price should be raised in the next few weeks. Highland said.
“BTC is currently in the clock and may probably move to $ 120K-$ 130K within a few weeks so that the high level of RSI is high and the weakness is not confirmed every week.”
Related: Bitcoin Bull Market ‘Is it almost over?’ Traders were divided into $ 105K at the BTC price.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.