Claim BonusTechnical Indicator Shows Bitcoin Price Gearing up for a Short-Term Rally
Currently in the green by 1.29 percent at $3,609, the GTI Global Strength Technical Indicator for Bitcoin is showing that the leading cryptocurrency is finding a bottom and a short rally is coming on.
Bitcoin Finding Bottom
Bitcoin price seems to be stabilizing as it trades near the $3,500 level. At the time of writing, Bitcoin has been trading at $3,609 with 24-hours gains of 1.29 percent as per the data provided by Coinmarketcap.
Currently down 81 percent from its peak, Bitcoin price is oscillating between $3,545 and $3,750 since January 10th.
Bitcoin price chart, Source: Coinmarketcap
As expected and predicted by experts and analysts Bitcoin bottom just might be here as the technical indicator shows that Bitcoin is currently oversold and that means a short-term rally might be in order.
In our previous article, we shared the Delphi Digital report that stated that selling pressure is exhausted and Bitcoin will find its bottom in sometime around quarter 1 of 2019. Now, the technical indicators are signaling the same as Bloomberg stated,
“The GTI Global Strength Technical Indicator for Bitcoin is nearing oversold levels, clocking in at 35.6. That’s the lowest level since December. Bitcoin appears to be stabilizing around $3,500, with clear support at $3,000 to $3,100, the measure suggests.”
Recently, we reported that Changpeng Zhao, the CEO of the leading crypto exchange Binance also shared that Bitcoin is currently oversold while the crypto market is undervalued. However, he is confident that “this space will get so much bigger.”
The GRI VERA Trend Signals indicator that helps identify trends and Bitcoin has “breached its lower VERA band limit today, but rocketed back to trade just above the limit,” according to Bloomberg. This behavior implies that a short term rally is on the way.
With prices keep on going lower the investors are looking for signs of hope. Though, experts are also expecting Bitcoin to be in consolidation for the most part of 2019.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- White House Pushes for Crypto Bill Deal Amid Claims of Potential Support Withdrawal
- XRP Risks Deeper Fall as Spot XRP ETFs Record Largest-Ever Outflow
- Galaxy Digital Raises $100M to Launch Crypto Hedge Fund
- Crypto Crash Deepens as Tom Lee Warns of “Painful Decline” in 2026 Before Late-Year Bounce
- Best Crypto Prop Trading Firms in January 2026
- Is Pi Network Price Going Through a Tough January?
- Chainlink Price Prediction After 24/5 Stock Data Launch: What’s Next For LINK?
- XRP Price Eyes a 25% Rebound Ahead of Brad Garlinghouse Statements at Davos Summit
- Why Silver and Gold Prices Are Rising While Crypto Falls Under Tariff Pressure?
- Solana Price Prediction As NYSE Launched Stock Tokenization Platform
- Bitcoin Price Outlook Ahead of Trump’s Davos Speech as Trade War Tensions Ease
