SNEAK PEEK
- Bitcoin bulls overpower bears, driving the price to a 7-day high.
- Bollinger bands indicate growing volatility and potential for significant price movement.
- Positive Aroon crossing and rising CMF suggest a solid bullish trend for BTC.
After beginning the day on a low note and under the bears’ pounding, Bitcoin (BTC) bulls have overpowered bears in the previous 24 hours. During this bullish dominance, the Bitcoin price surged to a 7-day high of $24,851.62. As of this writing, the bulls had maintained their strong position in the market, prompting the price to reach $24,511.83, a 9.30% increase over the previous day’s closing price.
If the bullish momentum continues, the $24,851.62 barrier level may be broken, and the following resistance levels may be discovered at $25,000 and $25,500. But, if the market mood shifts abruptly, the bears might seize control and send the price down to support levels of $23,500 and $22,000.
During the upturn, market capitalization and 24-hour trading volume increased by 9.20% and 39.84%, respectively, to $472,055,292,345 and $48,031,509,141. This rise suggests that there is still considerable positive momentum in the market. Still, investors should be careful since a rapid change in attitude might result in a significant price decline.
The Bollinger bands on the Bitcoin price chart are expanding, indicating that volatility is growing and that there may be a significant price movement soon. This bullish movement is seen by the top bar reaching $25803.95 and the lower bar touching $18800.51.
Since the price action has formed a green engulfing candlestick and is moving toward the upper band, the bullish momentum is expected to continue. Traders may consider buying on a pullback into the lower band for a possible profit opportunity at the upper band.
As the Rate of Change (ROC) line rises into the positive zone and reads 8.35, this reinforces the bullish momentum. This level suggests that buying pressure is building, and traders may seek further entry chances to profit from the higher trend.
The Aroon up has crossed above the Aroon down, indicating a bullish crossing and possible buying opportunities for traders wanting to initiate long positions as the asset price gains momentum.
The Aroon up touched at 92.86%, while the Aroon down touched at 7.14%, demonstrating this optimistic view. Indicating a strong bullish trend, the Aroon up and down difference of 85.72% suggests buyers are in charge, and prices are expected to continue increasing.
The Chaikin Money Flow (CMF) indicator is positive, with a reading of 0.16, showing that money is moving into the BTC market, indicating a bullish sentiment among investors and traders. This motion indicates a more significant demand for bitcoin, and prices are expected to rise more in the immediate future.
Bitcoin bulls take charge, surging to a 7-day high. Strong momentum may push the market past $25,000, but caution is advised for a potential mood shift.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis and all the facts we give. Each reader is responsible for his or her investigation. Reader discretion is advised before taking any action.
