• 26 May, 2024
News

BTC Is Preparing for Another Surge Judging by Recent Patterns

Bitcoin has dropped so far that it is now on a 4-year low, suggesting that its selloff risk is lower than ever before. Ethereum has also seen a similar drop, reaching a new level of low for the past four years. On the other hand, Tether maintains high exchange supply, which translates to a considerable amount of real-time buying power.

Given these trends in supply and demand, many analysts believe that Bitcoin and Ethereum will continue their downtrends soon, while Tether may experience a price rally as investors look for an alternative source of market liquidity. Of course, no one can predict exactly what will happen in the cryptocurrency markets, so it’s important to take all price predictions with a grain of salt and always do your research before making any investment decisions.

That said, for those investors who are looking to capitalize on opportunities in the cryptocurrency markets, Bitcoin, Ethereum, and Tether remain three of the most popular options out there. Whether you’re looking to invest long-term or simply trade cryptocurrencies on a short-term basis, these are three cryptos worth keeping an eye on.

What does technicals suggest about BTC?

The BTC price has been facing resistance at the $17,000 level, as traders try to grapple with the recent surge in trading volume and volatility. However, many analysts believe that this could be a sign of a potential rejection from this key price zone.

Source: Tradingview

One key indicator to watch is the position of BTC relative to two moving averages on the 4-hour chart. If BTC manages to close above or below these moving averages, it could be an early indicator of the future trend in the price of Bitcoin.

Given this, traders and investors should keep a close eye on these technical indicators as they try to navigate the current market environment. Overall, it seems likely that there will be some explosive moves soon as BTC coils between these key moving averages. Whether this results in a deeper correction or a continuation of the current rally remains to be seen, but it is undoubtedly an exciting time for those trading in the cryptocurrency markets.

Conclusion

There is no clear consensus among technical analysts when it comes to predicting the price of Bitcoin. Some believe that the recent price drop signals an impending bear market, while others are more bullish and believe that a reversal could be in the near future. However, most technical indicators seem to point towards further downside for Bitcoin in the near term, as BTC is currently facing strong resistance at the $17,000 level.

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