In The Wake Of $30k Bitcoin Buyers, The Bitcoin Price Remains 'Undoubtedly Bullish'
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Bitcoin aficionados had hoped that the previous day's new yearly highs would enable BTC/USD to break out of its months-long trading range for good, but they were ultimately dissatisfied. The largest cryptocurrency was rejected at $31,500, falling just hours later below $30,000 to challenge the range's lower end.
Bitcoin - 4h RSI signals near-term risk-off mode
Looking forward, dealers consequently returned to risk-off mode temporarily.
Jelle, a well-known trader, noted that relative strength index (RSI) values had reversed course on 4-hour timeframes, effectively putting an end to the previous hype. "Bitcoin - 4h RSI completely reset, as cost advanced towards the nearby reach lows. I'm not expecting a lot of instability throughout the end of the week, possibly simply more range bound PA,"
At the overnight lows near $29,700, fellow trader Skew nonetheless observed what appeared to be solid buyer interest.
Bitcoin's bullish narrative unchanged in short-term view - TraderKoz
The overall bullish narrative was also maintained in longer-term perspectives, with short-term retracements and sideways movement below resistance a necessary obstacle to overcome. One of them was TraderKoz, who, along with a number of other participants in the market, dispelled concerns regarding a deeper fall that could disrupt Bitcoin's upward trend. Prior research acknowledged that such a pullback zone might be too "ideal," which suggested that those who were waiting for it might be left behind.