- Bitcoin is up 2% breaking above $9,400 and the daily 12-EMA and the 26-EMA.
- The correlation between BTC and SP500 seems to be broken.
After a calm weekend, Bitcoin sees a significant bounce from $9,269 to $9,509. Bulls were stopped right at $9,500, but they have managed to push BTC above the daily 12-EMA at $9,431 and the 26-EMA a $9,424. Both EMAs were extremely close to a bear break but it seems this move will stop it.
BTC/USD daily chart
Bitcoin is trading above the daily 12-EMA and the 26-EMA and has formed a clear higher low at $9.160 compared to the low of $8,899 formed on June 15. Bulls have the possibility to create a daily uptrend or an equilibrium if they establish a lower high compared to $9,589 which is now the most important resistance level to beat. If the level is broken and Bitcoin can close above it, the daily uptrend will be confirmed.
BTC/USD 4-hour chart
The 4-hour chart is great to check if the bull move is healthy and it is. The 2% surge happened over the course of 16 hours distributed in four candlesticks. The 4-hour EMAs have crossed bullishly but the RSI is overbought. Buyers have confirmed a 4-hour uptrend now and will look for consolidation next.
BTC/USD technical levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.