Skip to content
- Bitcoin price increases by 0.97% in 24 hours, with trading volume rising 41.29% to reach $84.83 billion.
- The CME gap could signal a reversal if closed, but caution is needed until the price nears $120K.
- RSI at 61.68 and bullish MACD suggest Bitcoin’s upward momentum may continue in the near future.
Bitcoin (BTC) is currently trading at $119,692, and it has grown by 0.97% in the last 24 hours. Trading volume has also increased sharply, growing by 41.29% to hit the mark of $84.83 billion. In the past week, Bitcoin has increased by 4.78%, portraying a consistent upward trend. With the cryptocurrency nearing major levels of resistance, the market will keenly observe its next step.
Source: CoinMarketCap
Bitcoin’s CME Gap Could Lead to $120K Break
Crypto analyst Daan Crypto Trades highlighted that Bitcoin started with a large CME gap today. This gap has gone on longer than most of the past gaps that were closed during the same day. Bitcoin is currently undergoing the price discovery phase and all-time highs, usually accompanied by gaps running off to last longer.
The analyst advises keeping a close watch on the gap because its closing may be an indication of a turnaround. He, however, warns not to go all in on the gap closing until the price of Bitcoin is within 1-2 percent of the gap, particularly at prices below $120K.
Source: X
Also Read: BNB Investment Surges as BNC Buys $160M and Becomes Top Corporate Holder
RSI Nears Overbought, but MACD Supports Bitcoin’s Bullish Trend
The Relative Strength Index (RSI) is currently at 61.68, indicating that Bitcoin is nearly overbought. Although this implies that the market has not yet reached its full growth potential, it also means that Bitcoin may be nearing a stage of price saturation. The RSI value indicates that it is a robust market, though traders need to be careful of any reversal indicators.
Moving Average Convergence Divergence (MACD) is still bullish. The MACD line is 796, while the signal line is 625. The increasing distance between the two lines is an indication that the bullish force of Bitcoin is likely to continue kicking up in the near future. The bullish MACD and signal line crossing support the notion that the trend will prevail going forward.
Source: TradingView
Rise in Volume and Open Interest Signals Confidence
According to CoinGlass data, there is a substantial increase in market activity. The trading volume rose up by 69.68% to a total of $110.43 billion, whereas Open Interest (OI) increased by 3.33% to a total of $82.10 billion. These are indicators that the market believes strongly in the positive trend of Bitcoin. The OI-weighted funding rate is 0.0086%, which is a neutral sentiment.
Source: CoinGlass
As Bitcoin approaches important points of support and resistance, the upcoming days will be crucial in determining its future direction. The investors and traders will be keen to see whether Bitcoin will burst through past records or fall into a temporary retracement. It will be determined by the way the market will react to these key levels in coming days.
Also Read: LayerZero Proposes $110M Stargate DAO Takeover With STG-to-ZRO Swap
