THELOGICALINDIAN - Bitcoin Price Key Highlights
Bitcoin amount continues to arch added arctic and appears to be aiming for the ascendance approach attrition at $1400.
Technical Indicators Signals
The 100 SMA is aloft the longer-term 200 SMA so the aisle of atomic attrition is still to the upside. Also, the gap amid the two keeps addition to reflect stronger bullish momentum. This could be abundant to advance bitcoin amount all the way up to the approach attrition afore profit-taking happens.
Stochastic is already advertence overbought conditions, which suggests that buyers are activity exhausted. Similarly, RSI is in the overbought breadth to announce that bullish burden is fading. However, both oscillators accept yet to cantankerous beneath the overbought arena and about-face lower to reflect a acknowledgment in affairs momentum.
A pullback could aftermost until the approach abutment at $1100, which is abutting to the 100 SMA activating support. A bank alteration could acquisition a attic at the $1200-1250 mid-channel breadth of absorption afore resuming the climb.
Market Events
The dollar already afresh gave up arena on Friday back the beforehand GDP account angry out weaker than expected. The abridgement grew by alone 0.7%, about bisected the projected 1.3% amount and decidedly lower than the beforehand period’s 2.1% expansion. This casts agnosticism that the Fed can be able to backpack ante two added times this year, abnormally with weaker expectations of Trump’s tax ameliorate actuality allowable afore the end of 2024.
Meanwhile, bitcoin amount continues to accretion added upside absorption on renewed hopes that the Winklevoss COIN ETF could eventually see approval from the SEC. Last week, account bankrupt out that the regulator is attractive to conduct addition analysis of the angle and aerial the cryptocurrency.
Charts from SimpleFX
