Thursday, May 23, 2024
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The virtual currency market in 2024 will be a turbulent year with significant price fluctuations. But as the story progresses, the focus shifts back to Bitcoin. Although we are currently in a correction phase, there are increasing signs of a bullish recovery.
temporary bitcoin integration
Bitcoin recently surpassed the iconic $70,000 level on the back of speculation surrounding the approval of an Ethereum ETF, but has been unable to sustain this high level. In fact, selling pressure pushed BTC below $70,000. Nevertheless, this consolidation appears to be only temporary, as historical trends suggest that an impending bullish breakout may be around the corner.
According to Rekt Capital, weekly trading above $71,500 could trigger a bullish breakout. However, historical data suggests that Bitcoin may continue to decline for several more weeks. In fact, this consolidation phase will allow the major cryptocurrencies to realign with their previous halving cycles, paving the way for a more sustainable rise.
Seizing the opportunity for investors
For smart investors, this period of consolidation presents an interesting opportunity. In fact, on-chain indicators reveal impressive underlying strength. For example, the TD Sequential indicator is currently offering a buy signal on the Bitcoin hourly chart, indicating a possible short-term pullback.
Long-term Bitcoin holders (hodlers) seem determined to maintain their holdings even when the price exceeds $70,000. This reluctance to sell confirms that Bitcoin is increasingly recognized as a store of value rather than just a speculative asset.
In the short term, Bitcoin's key support level is near the $67,500 level. If it can sustain above this level, it could pave the way for a rise to $74,500. However, if BTC breaks this support, a new 5% correction towards $64,000 is likely.
Bitcoin is currently in a consolidation phase, but all signals are converging towards an upcoming bull run. Technical analysis, on-chain indicators, hodlers’ actions, everything points to the leading cryptocurrency gearing up for a new bull cycle. Therefore, smart investors would be wise to stay vigilant for the next developments in the cryptocurrency market.
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Evolving and adapting to the world is the best weapon to survive in this world. Cryptocurrency Community Manager. Interested in Blockchain and all its derivatives. Sharing my experience has allowed me to know the area I am passionate about and to be able to compile and digitize information.
Disclaimer
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please conduct your own research before making any investment decisions.
