BTC’s Bid Dominance Signals Bullish Momentum to 27K+
Despite recent headwinds, Bitcoin’s (BTC) trajectory to the $27,000 mark appears imminent. The recent shift in Bitcoin’s order book has seen bids, or buy orders, outpacing the asks or sell orders. Consequently, this dominance on the bid side suggests a stronger demand, indicating a market gearing up for an upward rally.
Intra-Day Struggles and Crucial Resistance Points
In the last 24 hours, Bitcoin faced bearish momentum. Significantly, the digital currency couldn’t breach an intra-day high of $26,699.72. Consequently, the BTC price plummeted to $26,240.70. This level, however, acts as a cushion for further negative sentiment.
Moreover, should Bitcoin fail to uphold the $26,240.70 support, the next support rests at the $26,000 zone. Any breach here could steer Bitcoin to the next substantial support at $25,800. However, a bullish flip above the $26,699.72 resistance might change market dynamics, propelling BTC toward $27,000.
Besides the price action, Bitcoin’s market cap saw a 1.1% dip, settling at $514.28 billion. Its 24-hour trading volume dwindled by 23.45% to $10.42 billion.
BTC Technical Analysis
On the BTC/USD price chart, the Chaikin Money Flow, with a current rating of 0.03 and on an uptrend, hints at buying pressure. If the CMF surpasses 0.05, it would further solidify the bull’s stance.
Source: TradingView
Moreover, the stochastic RSI rating of 14.30 and climbing suggests BTC might be oversold. Hence, a potential price correction could soon lure more investors. Significantly, a shift above 20 in this indicator would echo growing buying enthusiasm, supporting Bitcoin’s rise.
Despite short-term bearish pressures, Bitcoin remains a strong contender to reach the $27,000 mark. With substantial support and favorable indicators, the cryptocurrency’s path seems promising.
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