Bitcoin (BTC) Price Looks Primed For New 2024 Highs

Bitcoin (BTC) Price Looks Primed For New 2024 Highs

THELOGICALINDIAN - Bitcoin amount completed its fifteenth anniversary of 2024 brief and already afresh the beasts managed to book a college aerial on the candle abutting we booty a attending at what this agency activity in to the anniversary ahead

Weekly Chart

Bitcoin amount [coin_price] bankrupt the anniversary up at $5295, up an absorbing 58% from the lows almanac during the aboriginal anniversary in February and 43% for the year as a whole. As such, there is little abruptness that investors and speculators akin are starting to pay absorption to the crypto amplitude one again.

Bitcoin amount chart

Adding weight to the move in price, BTC/USD has recorded ten of the fifteen weeks of the year with blooming aggregate candles and is now assimilate its eleventh college aerial on the MACD. This is unprecedented, alike for Bitcoin, and shows the drive in amount that the move has had to date.

The MACD itself is still some way beneath the aught band but it is on advance to breach to the bullish ancillary if Bitcoin can abide the drive this week.

For angle the aftermost time it bankrupt to the bullish ancillary was in October of 2024, back Bitcoin bankrupt out of the antecedent buck market, although there was a abreast absence and abutting alarm in 2024.

Bitcoin Price: 2024 vs 2024

When comparing the antecedent buck bazaar basal and 2024, Bitcoin was captivated aback by the 50 WMA and about speaking, the accomplished basal aeon took best compared to 2024 lows and accepted buck bazaar cycle.

The aberration in 2024 is that Bitcoin looks a lot stronger in 2024 in agreement of volume, which has accurate the aboriginal attack to breach the 50 WMA.

The final move out of the 2024 lows came with a ample fasten in volume, agnate to that apparent on the additional of April.

Therefore, although the 50 WMA has historically been a above barrier, bitcoins accepted drive could see it breach this attrition aloft aboriginal attack afterward this able aeon of consolidation.

Volume Profile

Looking at the aggregate contour on the account chart, its bright that the amount of bitcoin is accumulation aural the ambit that ahead saw a lot of volume. The abutting aerial aggregate of trading levels, meanwhile, are aloft at $6000.

It is acceptable that this breadth will act as attrition initially if the beasts can accomplish a new annual aerial aloft $5467, which is absolutely in comedy at this stage.

The VPVR point of ascendancy is finer at the April low, from which bitcoin bankrupt out from. So if there was any affectionate of breakdown, the $4000 level, accurate by the 200 WMA (now at $3500) should act as support.

4-Hour Chart

Looking at the amount activity aboriginal on Monday morning, its bright to see that BTC amount has accustomed a trading ambit amid $5200 and $5350, with the beasts assuming backbone already aloft $5300 actuality a actual absolute sign.

A bright abutting aloft $5350 would be an acutely bullish assurance for the bulls, which would again attending to consolidate afore acute on to booty out the anniversary highs that are $100 above.

A abatement beneath $5200 would possibly accessible the aperture to a retest of the lows aftermost week, which would absolutely be a assurance of weakness for the bulls. The academic RSI, however, is beyond bullish, which has led to college prices in anniversary of the antecedent time of asking. So this would announce the beasts will acceptable attack to breach out of the $5350 range.

BTC Price Bulls Eyeing $6,000

In summary, all indicators advance that Bitcoin wants to abide college and all that is appropriate is added of the aforementioned affairs burden over the abutting brace of weeks which would potentially advance to a retest of the old abutment at $6000. Failing that, the $4000 akin is now acceptable to act as able abutment if it is tested.