Bitcoin Price Technical Analysis For 03/02/2024 – Aiming For $12,000?

THELOGICALINDIAN - Bitcoin Price Key Highlights

Bitcoin amount is on a abiding ascend and captivation its arch aloft the ascendance approach support, but abstruse indicators are signaling profit-taking.

Technical Indicators Signals

The 100 SMA is aloft the longer-term 200 SMA to announce that the aisle of atomic attrition is to the upside or that the assemblage could go on. The affective averages are additionally abutting to the approach abutment to add to its backbone as a floor.

However, academic is already in the overbought area to advance that buyers are activity exhausted. Turning lower could draw sellers aback in and advance to addition analysis of the approach abutment about $10,500-11,000.

RSI is on the move up and hasn’t absolutely accomplished overbought levels yet but it additionally seems to be axis lower. A breach beneath the approach abutment could be an aboriginal adumbration of a changeabout from the climb.

Market Factors

The US dollar was in a anemic atom in contempo sessions as fears of a barter war were active back Trump appear affairs to appoint college tariffs on animate and aluminum. Risk abhorrence additionally returned, belief on stocks and commodities, but bitcoin amount managed to advance its lead.

This suggests addition about-face in the bazaar activating as bitcoin amount appears to be accepting arena on risk-off moves already more. This behavior has been apparent in the accomplished back the cryptocurrency takes advantage of geopolitical accident to accommodate college allotment in this blazon of environment.

Although adjustment in the industry has additionally been a hot affair recently, investors assume to be cyberbanking on added absolute developments agnate to the accretion of Poloniex by Circle a few canicule back.