Bitcoin price has mainly been trading at around $ 64,000 since Wednesday’s sharp decline. Bitcoin closed an extremely important short-term weekly candle above $ 65,000.
The bulls pushed BTC to a weekly close of over $ 64.8,000, confirming the first step in an outbreak. As can be seen on the graph below, BTC has completed a bullish cup-with-handle breakout with a retest of the previous support resistance at $ 64.8,000.
A closing price above this level has become an extremely bullish signal and increases the likelihood of a short-term ricochet into the $ 70,000 to $ 80,000 zone.
Even so, short-term owners have to keep an eye on the mountain. Gox is coming.
Overall, the technical indicators are very optimistic for the higher timeframe:
- In the short term, the 4 hour chart is gradually sloping up and if it continues this could help drive the BTC price higher in the short term.
- BTC is more in the middle of wave 5 on the top (between higher partial pulses)
- In the short term, pullbacks look tempting to accumulate (when a pullback occurs)
- The short term supports are at $ 62,5,000, $ 61,8,000, $ 61,5,000, $ 60,000
- Larger support at $ 58.3,000 to $ 57.1,000 in the event of further liquidation.
Open Interest (OI) was unchanged at $ 15.3 billion with a neutral funding rate and leverage of 0.19.
The cash reserves persist despite a short-term retreat at a multi-year lows.
The miners stay with HODL with a reserve of 1,855 million BTC.
Nevertheless, there is a slight distribution from the 18 month to the 2 year old coin pool. All other older groups continue to hibernate.
When BTC creates a new ATH, there are certain groups of older coins that are easily distributed. This was to be expected and reasonable if the price continues to push up (as it has done before).
There is still no positive distribution of all older groups. This means that they are waiting for higher prices.
The average coin age hits a new record, but momentum is slowing, potentially triggering a downtrend that previously found its way into the second half of the bull market, which means a more active distribution is beginning.
It is important to keep an eye on the distribution ratio. The bulls need a gradual distribution as the BTC price rises to make the bull market more sustainable.
Technical indicators are very bullish after Bitcoin broke the USD 64.8,000 support and closed above USD 65,000. The general trend in fundamentals, on-chain and tech remains bullish, suggesting that a significant uptrend is underway.
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According to Cryptopotato