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Has Bitcoin Marked a Local Top? Here is the level to watch: BTC price analysis
Bitcoin's impulsive rally appears to have temporarily paused and the price is likely to enter a correction phase before the next increase. Overall, Bitcoin faces significant resistance at the $30,000 level, which has not yet been tested. Technical Analysis By Shayan The Daily Chart After a pullback to the 61.8% level of the Fibonacci entry level at $19.6K, the price initiated a massive rally with a current high of over $28K. However, the bulls failed to reach the significant resistance area of $30,000. This price area also acts as a psychological resistance zone as many traders believe that the bear market...
Has Bitcoin Marked a Local Top? Here is the level to watch: BTC price analysis
Bitcoin's impulsive rally appears to have temporarily paused and the price is likely to enter a correction phase before the next increase. Overall, Bitcoin faces significant resistance at the $30,000 level, which has not yet been tested.
Technical analysis
From Shayan
The daily chart
After a pullback to the 61.8% Fibonacci entry level at $19.6k, the price initiated a massive rally with a current high above $28k. However, the bulls failed to reach the significant resistance area of $30,000.
This price area also acts as a psychological resistance zone as many traders believe that the bear market will officially end once the price crosses the $30,000 mark. Nevertheless, a clear divergence can be seen between the price and the RSI indicator, which may lead to a short-term correction or consolidation phase.
The 4 hour chart
The impulsive bullish rally is more evident on the 4-hour time frame. However, recent price movements suggest that the bullish momentum has weakened and the price is likely to enter a short-term consolidation or correction phase.
Bitcoin could retest two key support levels in this scenario: the significant support level at $25,000 and the price zone between the 0.5 and 61.8 Fib retracement levels, around $24.4K and $23K.
Nevertheless, there is also a divergence between the price and the RSI indicator on the 4-hour time frame, increasing the chances of a short-term correction before the next significant move.
On-chain analysis
From Shayan
As a result of the recent rise in Bitcoin price, traders are seeing their portfolios rise above breakeven, resulting in a shift towards positive market sentiment.
Net Unrealized Profit and Loss (NUPL) measures the profit or loss of all coins as a ratio calculated by dividing the difference between market capitalization and realized capitalization by market capitalization.
Assuming the last coin transfer was due to a purchase, NUPL shows the total profit or loss of all coins. After months of negative readings, the recent rally saw NUPL enter the yellow zone, meaning more investors are now making profits. This shiftcan be interpreted as a bullish signalas fewer market participants are pressured to sell their coins to prevent further losses.
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