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

    Fake Uber Driver in London Drugs US Tech Investor with Cigarette, Steals £96K in Cryptocurrency

    Cryptocurrency

    SEC Dismisses Lawsuit against Binance

    Cryptocurrency

    India’s Digital Payment Surge: Currency and Convenience

    Cryptocurrency

    Appeal against important court ruling about cryptocurrency in South Africa – MyBroadband

    Cryptocurrency

    CoinClinic: What is Cryptocurrency? – Numismatic News

    Cryptocurrency

    DOL Rescinds 2022 Guidance Cautioning Against 401(k) Plan Investments in Cryptocurrencies | Proskauer – Employee Benefits & Executive Compensation Blog

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    Trump launches meme coin, $TRump days before return to White House – BBC.com

    Commodities

    Wage disparities and higher valued imports help explain the current agricultural trade deficit

    Commodities

    US tariff uncertainty keeps aluminium, copper in tight range

    Editors Picks

    A guide to Orange County’s bond referendums –

    October 21, 2024

    Search Warrants Turn Up Haul of Stolen Property

    July 16, 2024

    Farm management services: streamlining land ownership for agricultural investors

    April 3, 2025

    Kevin Durant social media trolling continues with post of Ja Morant

    August 14, 2024
    What's Hot

    Farm bill focus of Illinois commodity groups

    August 9, 2024

    Génelard. Black Phœnix, le sculpteur autodidacte qui insuffle une âme au métal

    May 28, 2025

    North Dakota may begin investing in Gold and Silver Bullion

    March 10, 2025
    Our Picks

    3 High-Quality Utility Stocks for Conservative Investors

    August 12, 2024

    FLNC Stock Earnings: Fluence Energy Misses Revenue for Q3 2024

    August 8, 2024

    Amid ‘Private Credit Boom,’ Dallas Fintech Siepe Lands $30M Series B to Expand Tech-Enabled Solutions » Dallas Innovates

    August 22, 2024
    Weekly Top

    Dividend & Stock Split: TCS, Tata Motors, Coforge Among Shares To Trade Ex-Date This Week

    May 31, 2025

    De Nantes à Clisson, les micros festivals de métal dans l’ombre du Hellfest

    May 31, 2025

    How To Put $100 In Your Retirement Fund Each Month With Cintas Stock

    May 31, 2025
    Editor's Pick

    Supply of commodities to be ensured within a week: Adviser Bashir

    February 28, 2025

    2 Coin Dips That Could Make You Rich

    August 5, 2024

    Best Real Estate Agent in Beaufort, SC, Guides Retirees Through

    July 12, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

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