- Bitcoin price again above the February high of $58,367.
- Coibase’s direct listing anticipated to be supportive of Bitcoin.
- IOMAP data shows abundant support below the current price.
Outside of the March blip, Bitcoin price has failed to convincingly get above the February high at $58,367, creating a mix of anticipation and restlessness among speculators and media titans. The last three days’ price action has voided the head-and-shoulders top alternative and puts the attention back again on the rising wedge thesis.
Bitcoin price consolidation falsely maintaining proponents high expectations
The IntoTheBlock In/Out of the Money Around Price (IOMAP) data shows virtually no resistance between $60,026 and $60,327. On the other hand, the data reveals notable support between $56,406 and $59,965, with 3.9 million addresses buying 1,370.60k BTC. A range that includes the lower trend line of the rising wedge.
BTC IOMAP chart
There has been no limit to the announcements over the last two months, adding legitimacy to BTC. Still, the burgeoning enthusiasm has not budged the price, raising the possibility that the tremendous advance since last year has priced in the good news. Moreover, the hype has not arrested the slow decline in search interest on Google.
Source: Google Trends
Since the February high, the unfolding BTC price structure looks more like a rising wedge pattern with one more touch of the upper trend line needed to complete the pattern. It would represent a new marginal high for the flagship cryptocurrency near $67,300 and a test of the 361.8% Fibonacci extension of the 2017-2018 bear market.
Support should begin with the February high at $58,367, followed closely by the wedge’s lower trend line at $57,100 and the 50-day simple moving average (SMA) at $54,807.
The incremental support continues to the March low at $50,305 and then the 100-day SMA at $47,157, before a final test of the February low at $43,016.
BTC/USD daily chart
It is also possible that the complex top ends up being a complex correction, and BTC slashes through the wedge’s upper trendline. The first significant resistance will be the 461.8% extension of the 2017-2018 bear market at $80,540. No more major resistance should appear until the psychologically huge $100,000.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.