Cathie Wood: Bitcoin Set to Resume Uptrend
- Decreased Selling Pressure: Cathie Wood noted that the selling pressure on Bitcoin has significantly decreased, primarily due to a $28 billion leveraged liquidation event last October, indicating an improvement in market sentiment.
- Price Range Prediction: Wood predicts Bitcoin will consolidate between $80,000 and $90,000, suggesting that the market is preparing for a future uptrend while reflecting her confidence in the current bull cycle.
- Cycle Analysis: Her assessment aligns with the final phase of the four-year cycle downturn, indicating that Bitcoin will re-enter an upward trend after completing its correction, further solidifying her optimistic outlook on the market.
- Market Signals: Wood emphasized that despite current market volatility, the long-term bull market for Bitcoin remains valid, urging investors to pay attention to future price movements and market dynamics.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36037.2 | 48018.6 | 60307.22 | 72288.62 | 84577.24 | 96558.64 | 108847.26 |
| Fibonacci | 48018.6 | 57289.748 | 63017.472 | 72288.62 | 81559.768 | 87287.492 | 96558.64 |
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