Crypto News

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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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

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