Bitcoin Displays First Buy Signal Since January
After closing its first green weekly candlestick in 10 weeks, Bitcoin had a good start to the week on Monday.
Over the last few hours, Bitcoin has risen roughly 1,650 points in market value. Since then, Bitcoin’s price has risen above $31,500, thanks to the recent jump in volatility. If BTC is able to overcome one more point of resistance, then further buying pressure is likely.
As shown by the TD Sequential Indicator, there is a good chance that Bitcoin will continue to climb higher. The red nine candlestick on the weekly chart served as a buy signal. A one-to-four-weekly candlestick upsurge is predicted by the bullish shape.
To verify this positive prognosis, Bitcoin would have to break past the $33,000 mark. Bitcoin’s next level of resistance is at $38,600, and this might entice investors who have been on the sidelines to reenter the market.
Bitcoin trading platforms have seen a significant drop in supply over the last week. Approximately 50,000 BTC, or $1.5 billion, has been removed from known bitcoin exchange wallets since May 30 according to Santiment statistics.
According to exchange data, there are fewer coins available to be sold, which might be good news for the price in the near term.
It is still possible for Bitcoin’s bullish argument to be proven if it reaches $33,000. Failing to do so might lead to a new sell-off in the market. A weekly closing below $27,000 would put BTC’s next target at about $21,000 if this were to occur.