Short squeeze fuelled fantastic rally, however vol remains low
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Quick glance: As of now, Bitcoin has jumped back above the $38,000 mark. It reached a high of $39,850 before settling around current levels. The fantastic rally was received well by investors after weeks of consolidation.
Market in the last 24hrs
We witnessed BTC inching closer towards the 40k level. BTC's massive rise was not because the market turned bullish. The markets are still in a price-discovery mode. This rally was fuelled by a short squeeze where several positions got liquidated after the price shot up owing to news regarding Amazon contemplating accepting Bitcoin payments in the future.
Today’s Trend analysis
BTC will face two massive resistance levels in the immediate term. The first would be the psychological resistance at 40k and the next would be the resistance level at 40.5k. The volumes have stayed low despite the massive rise.
Price volatility remained extremely high at approximately 12.95%, with the day's range between $35,282.70 — $39,850.00.
Price at the time of publishing: $38,474.98
BTC's market cap: $721.67 Billion
Volumes have marginally shot up over the past 24 hours.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Keep supporting:)
-Mudrex
Quick glance: As of now, Bitcoin has jumped back above the $38,000 mark. It reached a high of $39,850 before settling around current levels. The fantastic rally was received well by investors after weeks of consolidation.
Market in the last 24hrs
We witnessed BTC inching closer towards the 40k level. BTC's massive rise was not because the market turned bullish. The markets are still in a price-discovery mode. This rally was fuelled by a short squeeze where several positions got liquidated after the price shot up owing to news regarding Amazon contemplating accepting Bitcoin payments in the future.
Today’s Trend analysis
BTC will face two massive resistance levels in the immediate term. The first would be the psychological resistance at 40k and the next would be the resistance level at 40.5k. The volumes have stayed low despite the massive rise.
Price volatility remained extremely high at approximately 12.95%, with the day's range between $35,282.70 — $39,850.00.
Price at the time of publishing: $38,474.98
BTC's market cap: $721.67 Billion
- Out of 11 Oscillator indicators, 7 are neutral, 1 is bearish and 3 are bullish.
- Out of 15 Moving average indicators, 1 is 'NEUTRAL', 4 are bearish and 10 are bullish.
- Indicator summary is giving a ‘BUY’ signal on BTCUSD .
Volumes have marginally shot up over the past 24 hours.
----------------------------------------------------------------------------------------
The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 24-hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Keep supporting:)
-Mudrex
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