menuIcon
$ 103,790.6
BTC
$ 103,790.6
-0.13 %
$ 2,633.27
ETH
$ 2,633.27
-2.33 %
$ 0.8071
ADA
$ 0.8071
-2.03 %
$ 653.70
BNB
$ 653.70
-1.35 %
$ 177.92
SOL
$ 177.92
-2.29 %
Sujit Kumar
Jul 29, 2024
by Sujit Kumar

Bitcoin Surges Past $69,000 Amid Strong Bullish Momentum

Bitcoin Surges Past $69000

Table of contents

  1. Looking Ahead
Bitcoin recently surged past $69,000, maintaining this level for a few minutes before softening to $68,764 at press time. This surge was supported by the 50-hour and 200-hour moving averages, which are currently at $66,951 and $68,075, respectively. These averages are crucial support levels that helped Bitcoin's price stay above $69,000.

Technical Indicators Signal Strength

The Bollinger Bands indicate that Bitcoin's price is pushing the upper band, suggesting overbought conditions but also strong upward momentum. The On-Balance Volume oscillator shows stable accumulation, indicating steady buying interest that helps maintain the price level. Additionally, the MACD histogram and signal lines show a positive divergence, with the histogram's positive values and the widening gap between the MACD and signal lines pointing to growing buying momentum.

On-Chain Analysis and Market Sentiment

CryptoQuant's On-chain Trader Realized Price and Profit/Loss Margin chart shows that Bitcoin's realized price has remained above $65,000. With the current market price higher, many investors are in profit, which typically acts as a support level in bullish markets. The analysis also reveals that coins held for 1 to 3 months are below the current market value, meaning recent buyers are in profit, further strengthening the market structure.

Exchange Reserves and Market Behavior

The recent price rise also correlates with changes in exchange reserves. There have been significant withdrawals from exchanges, dropping from around 2.76 million BTC to 2.72 million BTC. This decline in exchange reserves often signals a shift towards holding rather than trading, reducing the available supply and pushing the price up. This behavior typically reflects bullish sentiment, indicating that Bitcoin is primed for further gains.

Looking Ahead

With Bitcoin approaching the psychological $70,000 mark, the current technical indicators and market sentiment suggest continued upward momentum. As traders and investors maintain their bullish outlook, Bitcoin looks set to have a promising week ahead.

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.
Follow us on: News
Bitcoin Surges Past $69000 Bullish Momentum
Bitcoin Surges Past $69,000 Amid Strong Bullish Momentum
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.