Crossing above the $64,000 mark, the Bitcoin price has increased by 1.89% in the past 24 hours. With a market cap of $1.26 trillion, Bitcoin dominates 56.7% of the crypto market.
Currently, Bitcoin is trading at $64,066, with an intraday gain of 1.94%. Will a potential breakout run in Bitcoin result in a new all-time high month? Read our BTC price analysis now to know more.
Bitcoin (BTC) Price Analysis
On the daily chart, BTC price action is in a bullish reversal, starting with a star pattern near the 200 EMA, gaining momentum. Since its 7-day low at $867, Bitcoin has increased by 8.83% over the past four days.Additionally, a double bottom reversal is observed from the 200-day EMA to cross the 50% Fibonacci at $63,847.With a bullish pattern breakout , breaking above 50% Fibonacci resistance, Bitcoin is ready to challenge the overhead trendline.The overhead trendline completes a bullish flag pattern, containing the momentum of the past six months.
In the daily chart, the Supertrend indicator reveals the BTC price sustaining in the buying segment with a bullish crossover in the MACD and signal line. Hence, the technical indicators maintain a buy signal for BTC.
With a bullish breakout of the overhead trendline, Bitcoin will likely challenge the 78.60% and 100% Fibonacci levels at $69,471 and $73,679, respectively.
Closer Inspection in 4H Chart
On the 4-hour chart , a closer inspection of the price action reveals a pullback breakout rally. With three consecutive bullish engulfing candles , BTC price action is breaking above crucial resistance at the 61.80% Fibonacci level at $63,560 on the 4-hour chart. Additionally, the massive divergence of the 4-hour RSI line supported the uptrend during the double bottom.The momentum indicator therefore reflects massive underlying demand. The Bitcoin 4-hour candle reveals a price rejection below from the 61.80% level, a second post-retest reversal. On the 4-hour chart , the levels are drawing a short-term target at $65,969, $67,684 and $69,865.On the other hand, the EMAs at 50 and 200 maintain a positive alignment and provide dynamic support at $62,400, $62,000 and $61,900
Bitcoin Derivatives Support Uptrend With Open Interest Crossing $36B
As the price of BTC gains momentum, the derivatives market reveals a positive shift in underlying leveraged trader sentiment.Bitcoin trading volume increased by % and approaches 50 billion markAdditionally, BTC open interest increased by % to cross the 36 billion mark Meanwhile, Bitcoin options open interest stands at $20.94 billion with a gain of 1.20 and volume of 1.23 billion, reflecting a 118.53% increase.The 24-hour long/short ratio for BTC is at 1.064, which reflects a higher number of long-term positions.Meanwhile, BTC traders on Binance maintain similar long/short ratio , based either on accounts or positions.Supporting the bullish data, 24-hour liquidations of $53.18 million amounted to $40.82 billion in liquidated short positions. Curious to know if Bitcoin will hit $100,000 in 2024?Find a technical and logical answer in Coinpedia's BTC price prediction for 2024 to 2030!