According to a recent tweet from Santiment (@santimentfeed), a reputable blockchain analytics firm, Bitcoin (BTC), is currently maintaining its position above the $30K mark. However, the tweet also highlights that traders exhibit signs of FUD, indicating a potential shift in market sentiment.
Santiment’s analysis suggests that patient bulls find solace when markets move contrary to the crowd’s expectations. Currently, BTC’s value remains above the $30K threshold, trading at $30,131.33, according to CoinMarketCap.
Furthermore, the value of BTC has experienced a modest increase of 0.66% within the past 24 hours. During today’s trading session, the market leader’s price briefly dipped below the $30K threshold, reaching a 24-hour low of approximately $29,725.57. However, the cryptocurrency’s daily high remains at $30,462.48.
According to the technical indicators on BTC’s daily chart, the current outlook is bullish. The 9-day EMA line maintains its position above the longer 20-day EMA line, indicating a short-term bullish cycle for BTC’s price. This trend is expected to persist over the next 24-48 hours.
Moreover, the daily Relative Strength Index (RSI) line currently trades above the daily RSI Simple Moving Average (SMA) line, hovering at approximately 70.69. This indicates that Bitcoin (BTC) still has some leeway to surge before reaching the point of being excessively overbought. A bullish chart pattern is also discernible on BTC’s daily chart, further bolstering the optimistic outlook for the top cryptocurrency.
The current price of BTC is steadily climbing, but it’s important to note that it’s approaching a formidable resistance level of $33,300. To justify a medium- to a long-term long position, BTC will need to overcome this hurdle. However, there is still a window of opportunity for traders to make a respectable gain of approximately 10.5% before BTC reaches this critical level. As always, it’s important to approach trading professionally and consider all factors before making decisions.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
