Bitcoin price has shown an increase in buyers over the past two days, leading to a quick run-up. This uptrend will likely last as BTC retests a crucial psychological level, luring buyers into a bull trap.
over the past two days, leading to a quick run-up. This uptrend will likely last as BTC retests a crucial psychological level, luring buyers into a bull trap. Investors need to be cautious of a reversal that sends the big crypto in a tailspin. Bitcoin price flash crashed in January and bottomed around the weekly support level at $34,752. After a few retests of this barrier, BTC bounced off and entered an uptrend that has seen a 16% gain so far.
As BTC continues to trend higher, and approaches the aforementioned breaker’s lower limit at $40,794, rejection is plausible. Adding credence to this outlook is the sell-side liquidity present below the $29,100 weekly support level. It takes the MVRV metrics to a new level in determining historical areas of fair value, oversold or overbought. The red band indicates overbought and is typically where the bull runs top and reverse. However, the green value indicates oversold and is where long-term holders tend to accumulate.
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