Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Bitcoin (BTC) pull-back taking place
    Cryptocurrency

    Bitcoin (BTC) pull-back taking place

    August 9, 20242 Mins Read


    Crypto Daily – (BTC) looks to have reached a top for now, of what is a truly massive rally – A 30%, $13,700 revival has now paused as Bitcoin bulls draw breath, ready for the next leg up. A short term reversal could take place now, but the next stage of the bull market could soon be upon us.

    The Bitcoin bulls have completely obliterated the bears since the ‘yen carry trade’ sell-off last weekend. Now well in charge, the bulls are still in the midst of pushing the $BTC price back to the top of the bull flag channel.

    A short term reversal

    Source: TradingView

    Although looking to completely break this latest downward trend, the $BTC price could continue to reverse here. The bulls will be hoping to see a higher low, from where the price can bounce back towards the top of the channel.

    Having climbed to around $62,700 on Thursday, the CME gap at $63,000 was almost closed. It might now be expected that $BTC at least returns to the support at $61,000, or perhaps more likely to the support at $57,000.

    Intense buying pressure

    Source: TradingView

    Looking out into the 2-week chart, the entirety of this bull market, plus part of the previous one can be observed. In no place in this chart can a longer downward price wick be seen, than the one for this current two-week period.

    This is signalling intense buying pressure that has sent the $BTC price rocketing 30% over just the last few days. That said, it is still only Friday, and the weekend is yet to come. The close on Sunday should give a good indication of just how powerful an impact this candle will have on the next few weeks of price action. If the two-week candle can close around this level, strap on your seat belts tightly.

    At the bottom of the chart is the stochastic RSI momentum indicator. A potential cross up of the blue fast indicator line, over the top of the red slow line, has the potential to signal huge upward momentum that could be coming to the $BTC price in the next few weeks.

    Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    This content was originally published on Crypto Daily





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    France arrests five over cryptocurrency kidnapping

    Cryptocurrency

    SEC-Davao monitoring 4 entities allegedly involved in cryptocurrency scams

    Cryptocurrency

    Russia Developing Cross-Border Digital Payment with BRICS

    Cryptocurrency

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    Cryptocurrency

    Banks must build trust to thrive in digital age 

    Cryptocurrency

    Digital Pound? Bailey’s Right to Be Wary

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Property

    Yuexiu Property annonce la cession de 65 % de sa participation dans Beijing Haizhen Real Estate

    Fintech

    capitaliser sur les défis pour réinventer les modèles de croissance

    Hellfest 2025 : tout ce qu’il faut savoir sur le festival metal

    Editors Picks

    Is Bitcoin Truly “Digital Gold”? 3 Ways the Leading Cryptocurrency Diverges From the Most Popular Inflation Hedge

    May 12, 2025

    Orange solde son aventure bancaire en cédant Anytime

    June 2, 2025

    Londres veut se passer des panneaux solaires chinois soupçonnés d’être issus du travail forcé

    April 23, 2025

    Amid deadlock on budget, DeSantis pushes to cut property taxes

    May 22, 2025
    What's Hot

    Arrêté pour avoir battu gratuitement un inconnu à coups de barre de métal

    June 11, 2025

    MAC Copper obtient de nouvelles facilités de crédit -Le 13 mars 2025 à 09:58

    March 13, 2025

    The UK regions where houses sell the fastest

    April 14, 2025
    Our Picks

    Dow slips in wake of global outage

    July 19, 2024

    Osigu Secures Investment from Visa and Strategic Investors to Bridge the Gap Between Healthcare and Fintech in Latin America

    October 24, 2024

    Thirsty Pakistan: Agricultural Crisis Looms After 21% Water Shortage As India Stops Indus Water

    May 5, 2025
    Weekly Top

    La première place pour les électriques à l’EcoGreen Energy 2025

    June 21, 2025

    Gold Cup | Le onze probable du Canada

    June 21, 2025

    Here Are My Top 3 High-Yield Energy Dividend Stocks to Buy Now

    June 21, 2025
    Editor's Pick

    Alt.Metal’s Carbonstone Sends a Bracing Jolt of Heartbreak on “White Noise”

    August 24, 2024

    The ‘Unknowns’ Driving Cryptocurrencies

    August 12, 2024

    Dubai-based cryptocurrency exchange Bybit loses $1.5 billion worth Ethereum in theft by hacking

    February 21, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.