Armand Sirignan
Bitcoin is clearly gaining serious momentum and that's exactly what we needed right now
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Bitcoin’s recent reversal from $67,000 to $65,880 was a worrying sign for investors as it meant the asset was unable to gain foothold above the 50 EMA resistance level. Fortunately, things have changed and Bitcoin has managed to draw a green candle in the past few hours. This could be a sign that BTC is gearing up for a further rally towards his long-anticipated $70,000 level.
Bitcoin has been consolidating between $65,000 and $67,000 over the past few days and is trying to break out of a key resistance level. The 50 EMA is the most important threshold for BTC to break, and the recent bullish momentum suggests that BTC may be able to get over this wall and leave it there. A successful breakout of the 50 EMA could set the stage for a rally towards $70,000.
Analysis of on-chain data confirms a significant number of large transactions, indicating an increase in activity among whales. In the last 24 hours, the largest trades were 11.8,000 and on May 15, 2024, the highest in 7 days was 17,89,000. This surge in large transactions is a positive sign as it shows that major companies are still actively trading Bitcoin. , prices may rise.
Furthermore, In/Out of the Money Around Price (IOMAP) data reveals that a significant number of addresses are “in the money” at current price levels. Approximately 5.96 million addresses (71.14%) were profitable, providing a solid basis for bullish sentiment. These addresses can act as support levels as holders are less likely to sell at a loss if Bitcoin faces further declines.
The next major resistance level is between $66,628 and $67,788. If Bitcoin can break out of this zone, it could target the $70,000 level. The data shows that this is likely to happen, especially given the current bullish momentum and increased activity from large traders.
About the author
Armand Sirignan
