Bitcoin Price Rebounds to Critical Level
- Price Recovery: According to CryptoQuant's analysis, Bitcoin has been closing above the “adjusted realized price” of approximately $72,300 for the past three days, which is considered the “break-even” point for a broad investor base, indicating an improvement in market sentiment.
- Technical Development: The breakout above this critical level is viewed as a significant technical development; however, the analysis notes that a stronger trend confirmation requires a weekly close above this level, or else a short-term rejection may occur.
- Investor Behavior: Should Bitcoin's price break above and remain above this average cost, it is expected to attract more investors to profit, thereby strengthening the tendency of market participants to hold their positions and potentially driving prices higher.
- Historical Trends: Historical data shows that Bitcoin typically enters long-term bear markets when it falls below this average cost, while a return above it generally signals the start of a new uptrend, highlighting the importance of this level in the market.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 60172.984 | 63952.497 | 68478.974 | 72258.487 | 76784.964 | 80564.477 | 85090.954 |
| Fibonacci | 63952.497 | 67125.385 | 69085.599 | 72258.487 | 75431.375 | 77391.589 | 80564.477 |
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