Bitcoin (BTC) price gained another 5% over the past 24-hours to rise to a new daily high of $33,943. The top cryptocurrency has been consolidating under $40K for more than two months now, failing to solidify its position above $35K despite a couple of breakouts. BTC might be looking for a strong trend reversal as it has broken out of the daily RSI channel after 7-months.
#Bitcoin DAILY RSI channel has been broken! pic.twitter.com/nvVuG9WOmE
— BitParabolic (@BitParabolic) July 23, 2021
The daily RSI channel was on a downtrend for almost 7-months and a breakout from it indicates the top cryptocurrency might see a much-needed price trend reversal to bullish.
Trending Stories
RSI is a key indicator that is primarily used to check whether an asset is overbought or oversold. However, it also often signifies price trend reversals. Going by the current daily RSI value and break out, analysts believe Bitcoin could register a healthy bounce back. It would need to first overcome the immediate $35K resistance, conquering which the price could eye for the $40K-$45K range.
Bitcoin Exchange Supply Dips to 18-Month Low
As bitcoin eyes to break past the key resistance of $35K with a major trend reversal on cards, traders have started to move their BTC supply away from exchanges. The Bitcoin supply on exchanges reached a new 18-month low earlier today suggesting traders are expecting a price pump very soon. This also lowers the risk of a major sell-off.
👍 #Bitcoin is inching close to the then 18-month low of its supply on exchange ratio, which was hit back on Jan 2, 2021. As $BTC continues moving off exchanges during these suppressed prices, it's a promising sign that markets have decreased selloff risk. https://t.co/DQzTx822Py pic.twitter.com/WVP7sfgnty
— Santiment (@santimentfeed) July 24, 2021
Bitcoin and most of the altcoins lost nearly half of their valuation during the biggest market sell-off of 2021 in May. Nearly $1 trillion was wiped off the crypto market in a couple of days. Since then the market sentiment has remained bearish for the majority of the time.
The recent B-Word conference also failed to move the price of the BTC despite Elon Musk revealing SpaceX owns Bitcoin and Tesla might very soon restart bitcoin payments for its cars. BTC did see a rapid bullish price swing of nearly $1,500 in the run-up to the event but lost the majority of the gains by the end of it.
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Shibarium To Launch Soon; How It Can Pump Shiba Inu Prices?
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
- Uniswap Price Analysis: Can Ongoing Recovery Carry UNI Price to $8?
- SHIB Price Analysis: $0.00001 Breakout Could Pump SHIB by 33%