Investors Still Sceptical About the BTC Price Rally- Is This a Clam Before the Storm or a Reversal Incoming?
The price of Bitcoin has posted massive volatility since the start of the year. Despite a drop in ATH almost $ 109,000, Bulls and whales do not seem to have lost their momentum. As a result, the token managed to exceed the crucial resistance at $ 88,500 and almost marked the summits at $ 94,000. Currently, the token faces ascending pressure, but the momentum of the Bulls does not seem to have faded.
The latest Glassnod data indicates to whales that absorb the offer at a rate that is not seen before 2020. The large buyers have bought strongly, the portfolio containing more than 10,000 BTC, displaying a large accumulation.
BTC holders ranging from 1000 to more than 10,000 BTCs displayed an almost perfect accumulation. On the other hand, the institutions have also started to accumulate bitcoin. The ETF Spot entrances have reached a record during the last day of negotiation, with almost a billion, the largest since November. After 4 days of consecutive gains, market players seem to have become optimistic about Bitcoin. Unfortunately, they remain skeptical about the next price action because the market remains separate between long and shorts.
The long / short Bitcoin ratio is approximately 0.9841, which suggests that traders are hiding strongly. Despite the last increase in the bullish momentum, the long record of 49.56% of the trade, while the shorts are approximately 50.4%. Consequently, increase speculation, whether calm before a massive break or the token heads towards a reversal.
Bitcoin (BTC) Price analysis
The share of short -term price of the BTC is optimistic, because the token has formed higher ups and stockings. The volatility of the token has increased to a certain extent due to a significant influx in volume of purchase. Therefore, the price should maintain a healthy recovery, regardless of upward pressure.
The Stochastic RSI has reached the lower threshold and is preparing to initiate a bullish crossover. Meanwhile, the short -term MacD shows a drop in purchase pressure while the levels are heading for a lower crossover. Therefore, the price, which has dropped below the upward trend line, can reach the average levels of the channel. However, the price should trigger a rebound and reach the resistance of the canal and exceed $ 96,000 before the end of the month.
