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Bitcoin’s price is trying to gain a short-term bullish trend, as its recent movement shows. After briefly slipping below $104,500The cryptocurrency has recovered to trade at over $106,000. technical analysis now shows a formation technical that may cause a rally to start.
In the chart of the Ichimoku daily shared by Titan of Crypto analyst, Bitcoin appears to be on the cusp of confirmation of a cross-golden, a signal of bullishness, in the next few days.
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Ichimoku Cloud Supports Bullish Breakout
Titan of Crypto is a cryptocurrency analyst who has joined the social network X. highlighted the recent daily price close Bitcoin is a good technical investment if you are above the Tenkan. Tenkan is also called the conversion line and it’s an interesting indicator of short-term trends in Ichimoku. The analyst believes that the setup of Bitcoin’s chart on a daily basis is aligned for a gold cross, where the short-term average has overtaken the long-term, indicating a possible bullish trend. If confirmed, this crossover would be one the most reliable patterns for trend reversals in technical trading.
Bitcoin is currently consolidating its price around $105,000. If this golden cross is successful, Bitcoin may attempt to make another push towards the $111,600 key resistance level. The current geopolitical uncertainty, in particular the rising tensions in the Middle East, At any moment, this technical image could change and cause the bullish forecast to be re-evaluated.
Bullish setup and support for whale activity clashes with Support and Whale Activity
Bitcoin is still under pressure despite the technical bullish backdrop. Ali Martinez, an analyst in particular, has been a strong proponent of Bitcoin. identified $104,124 as Bitcoin has an important level of support. The price isn’t just arbitrary; it’s a strong concentration of UTXO prices.
If Bitcoin drops below that price, it could reach $97,405. The URPD graph confirms the thin safety margin between $104,000 to $97,000. Once $104,000 has been breached, the safety net is thin. a swift and steep correction could follow Due to a lack of interest from buyers in the gap.
Behavior of big Bitcoin investors further complicates things. Data from the blockchain shows that in recent weeks, some whales (addresses holding more than 1,000 BTC) have begun to reduce their holdings. The decline of whale wallets began soon after Bitcoin’s new high, $111 800 on May 22, when it reached the highest ever level. Whale count has decreased again since Bitcoin. rejected at the $110,000 region The early part of last week was a great time to get started.
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In this way, the number of whale addresses with over 1,000 BTC has fallen. From a peak of 2114 recently to just 2,094 today. The time of this writing was. Bitcoin is trading at $105,505.
Chart from TradingView, image courtesy of Unsplash
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
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Source: www.newsbtc.com
