Bitcoin (BTC) has been holding steady at around $58k for several weeks leaving many traders uncertain about its further move, but a key opportunity may be brewing.
Bitcoin price has been hovering around $58,000 for several weeks, leaving traders guessing its next move. However, a crucial opportunity might be brewing as Bitcoin remains above the Moving Average (MA) Ribbons, which serve as a solid support level during bull markets, according to prominent crypto analyst Mags.
Every time BTC touches these ribbons it’s a golden chance to buy. Could this be the perfect moment to buy before the next big surge?
Bitcoin buying opportunity? Prominent crypto analyst highlights key price level for BTC entry as apex approaches
Mags points out that during past bull markets, Bitcoin’s price rarely falls below the MA Ribbons until it reaches its peak. As the market edges closer to another potential bull run, this trend could signal that current price levels are an attractive entry point for long-term investors.
#Bitcoin is holding nicely above the MA Ribbons, which acts as solid support during the bull market.
Every time price touches these ribbons, it’s been a great opportunity to accumulate Bitcoin.
Historically, the price doesn’t fall below the MA Ribbon until it reaches its peak.
As Bitcoin continues to trade above these key support levels, many traders are watching closely for the next price surge, with the MA Ribbons providing a helpful indication of future price movements. Mags’ insight suggests that those looking to accumulate Bitcoin may want to keep a close watch on this technical indicator.
Meanwhile, the Relative Strength Index (RSI), a key indicator of momentum, is currently at 35.57, suggesting the market is slightly oversaturated. This could indicate some buying pressure in the near term, supporting a potential move upwards.
Bitcoin technical analysis: 2-hour chart
On the 2-hour chart, Bitcoin has been forming an upward trendline since hitting a local low of $55,500. This trendline has acted as a reliable support level, with Bitcoin bouncing off it multiple times. Currently, it’s holding strong around the $57,668 mark.
Despite this support, Bitcoin is struggling to break through the 50-period Exponential Moving Average (EMA), which stands at $58,748. This EMA is posing a significant hurdle for any upward momentum. If the bulls can reclaim this level, a rally towards $59,176 or higher could be on the cards.
However, if Bitcoin fails to hold these support levels, a dip towards $55,500 may introduce further bearish pressure.
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