Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
After Bitcoin (CRYPTO: BTC) crossed the $70,000 mark, traders foresee more upside on higher timeframes but warn of potential short-term corrections.
What Happened: Crypto trader Stoic highlighted key levels and market conditions that could influence Bitcoin’s next move.
He emphasized the importance of Bitcoin’s closing price stating that a "full send is a stone’s throw away if we can start closing above $71,000."
He further noted that Bitcoin is "looking healthy from a price, momentum, and volume perspective." According to Stoic, Bitcoin has been accruing time at the top of the value area for almost two weeks.
However, crypto chart analyst Ali Martinez tweeted about a potential short-term correction in Bitcoin prices, highlighting the TD Sequential indicator showing a sell signal on the Bitcoin hourly chart, which could mean a one to four hour candlestick correction for the cryptocurrency.
The TD Sequential presents a sell signal on the #Bitcoin hourly chart, anticipating a one to four hour candlestick correction for $BTC! pic.twitter.com/PrjqXCtbgH— Ali (@ali_charts) June 5, 2024
Also Read: Bitcoin’s Current Cycle Is Outperforming According To These 3 Metrics, Says Analyst
Why It Matters: Stoic’s insights into the price, momentum and volume suggest a potential bullish trend if Bitcoin closes above the $71,000 mark. Martinez’s warning about a potential short-term correction in Bitcoin prices is significant for traders who rely on technical analysis for their trading decisions.
Coinglass data indicates open interest growing 5% to $37.6 billion, the highest since April 9.
IntoTheBlock data notes a 4.5% decrease in Bitcoin’s large transaction volume, while daily active addresses decreased by 3.4%. At current prices, 100% of Bitcoin holders are in profit, with 69% of holders holding for more than a year.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin Spot ETFs Record $887M Inflow On Wednesday, Second-Highest Ever
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.