CryptoNews : Bitcoin (BTC) pull-back taking place


Crypto Daily – (BTC) looks to have reached a top for now, of what is a truly massive rally – A 30%, $13,700 revival has now paused as Bitcoin bulls draw breath, ready for the next leg up. A short term reversal could take place now, but the next stage of the bull market could soon be upon us.

The Bitcoin bulls have completely obliterated the bears since the ‘yen carry trade’ sell-off last weekend. Now well in charge, the bulls are still in the midst of pushing the $BTC price back to the top of the bull flag channel.

A short term reversal

Source: TradingView

Although looking to completely break this latest downward trend, the $BTC price could continue to reverse here. The bulls will be hoping to see a higher low, from where the price can bounce back towards the top of the channel.

Having climbed to around $62,700 on Thursday, the CME gap at $63,000 was almost closed. It might now be expected that $BTC at least returns to the support at $61,000, or perhaps more likely to the support at $57,000.

Intense buying pressure

Source: TradingView

Looking out into the 2-week chart, the entirety of this bull market, plus part of the previous one can be observed. In no place in this chart can a longer downward price wick be seen, than the one for this current two-week period.

This is signalling intense buying pressure that has sent the $BTC price rocketing 30% over just the last few days. That said, it is still only Friday, and the weekend is yet to come. The close on Sunday should give a good indication of just how powerful an impact this candle will have on the next few weeks of price action. If the two-week candle can close around this level, strap on your seat belts tightly.

At the bottom of the chart is the stochastic RSI momentum indicator. A potential cross up of the blue fast indicator line, over the top of the red slow line, has the potential to signal huge upward momentum that could be coming to the $BTC price in the next few weeks.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This content was originally published on Crypto Daily




#Bitcoin #BTC #pullback #place

Want to see more news about Cryptocurrency?

Johnny Walker

I love posting news feeds!

Related Posts

How to ‘make finance great again’: Trump’s new cryptocurrency debuts – 247CryptoReporter

Former President Donald Trump launched a new crypto platform, World Liberty Financial, on Monday evening, 50 days before Election Day. ADVERTISEMENT Republican presidential nominee Donald Trump took to the X…

Ethereum and Bitcoin Investors Add Future A.I Dating Cryptocurrency To Future Investment Portfolios, Here’s Why – 247CryptoReporter

As the cryptocurrency market continues to evolve, a new contender is emerging that has caught the attention of Ethereum (ETH) and Bitcoin (BTC) investors—GoodEgg (GEGG), a revolutionary AI-driven dating platform…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Ethereum News : RSS Feed Generator, Create RSS feeds from URL

Ethereum News : RSS Feed Generator, Create RSS feeds from URL

Magic Eden and Mocaverse collaborate on NFT launchpad MagicMoca NFT Cryptocurrency

Magic Eden and Mocaverse collaborate on NFT launchpad MagicMoca NFT Cryptocurrency

Dogecoin News – Rollblock Skyrockets 160% as Cardano (ADA) and Dogecoin (DOGE) Holders Look for the Next Big Crypto

Dogecoin News – Rollblock Skyrockets 160% as Cardano (ADA) and Dogecoin (DOGE) Holders Look for the Next Big Crypto

How to ‘make finance great again’: Trump’s new cryptocurrency debuts – 247CryptoReporter

How to ‘make finance great again’: Trump’s new cryptocurrency debuts – 247CryptoReporter

Ethereum News : Ethereum falls to new 40-month low vs. Bitcoin — Bottom or more pain ahead?

Ethereum News : Ethereum falls to new 40-month low vs. Bitcoin — Bottom or more pain ahead?

Successful Trader Who Turned $5,000 into $1,000,000 Flipping Ethereum NFTs Shares High-Return Opportunity for the 2024/25 Bull Run NFT Cryptocurrency

Successful Trader Who Turned $5,000 into $1,000,000 Flipping Ethereum NFTs Shares High-Return Opportunity for the 2024/25 Bull Run NFT Cryptocurrency
Please enter CoinGecko Free Api Key to get this plugin works.