Bitcoin is showing renewed strength as appetite to buy increases and the market moves into a critical technical phase. Investors remain vigilant as price indications show potential of a giant breakout. Patience is key as cryptocurrency builds up towards that big move.
Currently, Bitcoin is trading at $114,971, with a 24-hour trading volume of $49.40 billion and a total market capitalization of $2.29 trillion. Over the last 24 hours, BTC has seen a slight decline of -0.46%, reflecting short-term consolidation in the market.
Crypto analyst Bitcoin Archive noted that buyer demand for BTC has reached new highs, which is a signal of growing interest and accumulation among investors. The increase in demand follows a time when BTC finds itself in a pivotal technical time that will determine its next big move.
Another analyst, Rose Premium Signals, pointed out that currently, Bitcoin is ranging in a rising wedge setup, whereby volatility is compressing around key zones of resistance. Despite the strong show being demonstrated by price, there remains a possibility of a dip back down to the lower support regions of about $98K to $99K before BTC gets back onto its upward path.
If Bitcoin breaks out of the rising wedge to the upper side, it could reach new highs at $128,920, $140,382, or even $151,843. The experts refer to this as a calm before the storm, advising investors to keep calm and focused regardless of market movements.
While the token has strong buyer demand and technical indications that suggest future potential upside, it might be setting up its forthcoming major leg higher, and this is thus a pivotal period both for short- and long-term market participants.
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The Relative Strength Index (RSI) of BTC stands at 65.94, slightly above its signal line, which stands at 64.93. This means that momentum is still bullish, although the asset is not yet in the overbought zone. Investors regard this level as a good signal of healthy buying pressure without overheating. If RSI rises further, BTC could gain stronger upward momentum.
Looking at the MACD, the key line stands at 7,848.97, above the signal line at 6,808.34, with a positive histogram of 1,040.63. The bull cross confirms strong momentum and indicates more buying ahead. Greater divergence signals stronger trend momentum, and both measures confirm bullish control.
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