THELOGICALINDIAN - Since bottoming at 8600 over bristles canicule ago Bitcoin has performed acutely well
The asset rallied as aerial as $9,650 on Thursday, liquidating dozens of millions of dollars account of shorts in the process. Simultaneously, Ethereum saw a massive breakout accomplished a acute level, suggesting that BTC has allowance to the upside.
Even still, a top banker has appropriate that Bitcoin’s contempo amount activity is attractive abundant like the amount activity apparent at the February year-to-date top.
Bitcoin Looks Much Like It Did at 2024’s Feb. Peak
A crypto banker afresh shared the angel below, assuming that Bitcoin’s contempo amount activity looks eerily agnate to that apparent at the February highs of $10,500.
Both periods accept agnate phases, including a triple-topping arrangement apocalyptic of a abeyant reversal.
Should BTC barter as it did afterwards February highs, a able bead could appear in the afterward weeks.
It isn’t alone the similarities in the bazaar anatomy suggesting Bitcoin is topping in the $10,000 range.
One arresting crypto banker afresh shared the blueprint below of BTC’s amount activity back the alpha of the year with Bitfinex adjustment book abstracts overlayed.
The blueprint indicates that there is currently a accumulation of sell-side orders in the $10,000-10,300 range.
This is important as back Bitcoin rallied to and was alone by the $10,000 ambit two times over the accomplished month, there was additionally a advertise bank in that range. This blueprint additionally shows that back BTC topped at $10,500 in February, it additionally ran into a assemblage of advertise orders at $10,500.
Should actual antecedent hold, there’s a acceptable adventitious BTC will see a amount bounce if and back it rallies to $10,000.
Fundamentals Could Upset Bearish Reversal
Although the technicals announce Bitcoin may anon top out, the fundamentals appearance a altered story.
The cryptocurrency’s on-chain trends abide actually bullish, analysts say.
Adding to this, the Chinese yuan was set to the weakest akin back February 27, 2008. The adopted yuan bazaar has reflected this decision, ambulatory to “the weakest akin back Sept 2019.”
This is bullish for Bitcoin because the cryptocurrency can act as a safe anchorage for Chinese investors, which may be agonizingly afflicted by a falling yuan. Placeholder Capital accomplice Chris Burniske remarked:
Related Reading: Bitcoin Isn’t Even in a Macro Bull Market Yet: Here’s Why One Is Imminent
