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Sujit Kumar
Aug 9, 2024
by Sujit Kumar

Bitcoin Rally Pauses After 30% Surge, Bulls Prepare for Next Move

Bitcoin Rally

Table of contents

  1. Potential Short-Term Reversal
  2. Intense Buying Pressure Signals Strength
Bitcoin (BTC) has experienced a remarkable 30% surge, reviving its price by $13,700 in a powerful rally. However, this momentum seems to have paused, as Bitcoin bulls take a moment to reassess and prepare for the next potential upward move. Following a weekend sell-off triggered by the "yen carry trade," bulls have firmly taken control, driving BTC back towards the top of its bull flag channel.

Potential Short-Term Reversal

Despite this strong performance, there is a possibility of a short-term reversal. Bitcoin's price could see a pullback, with bulls aiming for a higher low to set the stage for another upward movement. After reaching around $62,700 on Thursday, BTC came close to closing the CME gap at $63,000. It is now likely that Bitcoin will test support levels at $61,000 or even $57,000 before any further advances.

Intense Buying Pressure Signals Strength

A broader look at the two-week chart reveals intense buying pressure that has propelled Bitcoin's price upward by 30% in just a few days. The current two-week period shows one of the longest downward price wicks in the bull market, indicating strong market demand. As the weekend approaches, the market is keenly watching for Sunday's close, which could offer insights into the next few weeks of price action.

At the bottom of the chart, the stochastic RSI momentum indicator hints at a potential cross of the blue fast indicator line over the red slow line. If this cross occurs, it could signal a significant surge in upward momentum, potentially driving Bitcoin's price even higher in the near future.

Bitcoin's recent performance has set the stage for a thrilling continuation, with bulls poised to push the price further in the coming weeks.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin Rally Pauses After 30% Surge, Bulls Prepare for Next Move
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.