"Boring" Bitcoin Is an Opportunity, CryptoQuant CEO Claims

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jul 01 2024

Should l Buy BTC?

Bitcoin Bull Market: Despite corrections, Bitcoin is still in a bull market with the current price down 14% from its all-time high.
Market Activity: Anemic market activity for Bitcoin based on Garman-Klass Realized Volatility indicators.
Price Movements: Bitcoin's price reached an intraday high of $63,694 and is currently at $63,182, up 2.8% over the past 24 hours.
Analyst Predictions: Analysts like Tom Lee and Peter Brandt predict Bitcoin could reach $150,000 during this cycle, but there are concerns it may fall to $55,000.
Correction Justified: Travis Kling suggests the recent correction is due to supply overhang fears.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like BTC with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 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 stock.

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	41959.884	50979.942	61383.884	70403.942	80807.884	89827.942	100231.884
Fibonacci	50979.942	58399.91	62983.974	70403.942	77823.91	82407.974	89827.942

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

GET FREE REAL TIME NOTIFICATIONS

Stock Monitor for BTC?

Get Started Free

FREE STOCK RECOMMENDATIONS DAILY

Stock Bullish Tomorrow

Get Started Free

70% BACKTESTED ACCURACY!

Should I Buy BTC?

Get Started Free