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On-chain Signals Indicate a Bullish Outlook
Summary:
Bitcoin's price is consolidating near the US$97,000 level. The Relative Strength Index indicates that Bitcoin's momentum is in the overbought territory. On-chain signals indicate a bullish outlook.
PENDING
95500.0
ENTRY
101800.0
TGT
91000.0
SL
102842.1 -61.9 -0.06%
--
Point
PENDING
91000.0
SL
CLOSING
95500.0
ENTRY
101800.0
TGT
Fundamentals
Over the past 24 hours, the cryptocurrency market capitalization has increased by 1.7%, reaching US$2.98 trillion, approaching the upper bound of a consolidation range that has persisted for nearly two weeks.
Bitcoin is currently trading near US$97,000, with a notable surge in overall network activity recently. The latest data indicates that key price levels for Bitcoin are signaling a significant spike in network activity, suggesting substantial potential for the next price movement.
Bitcoin's key price levels highlight the activity within its ecosystem. Specifically, the short-term holder cost basis for Bitcoin is hovering near US$93,460. Maintaining above this level would position Bitcoin to initially break the US$100,000 threshold. Conversely, a breach below this level could trigger a price correction towards US$72,420. This metric is crucial as it reflects the average acquisition price of Bitcoin's short-term holders.
Based on key metrics, the Bitcoin network is exhibiting robust growth. Furthermore, network activity has reached a peak over the past six months. Therefore, the number of active Bitcoin addresses has reached 925,914 in the last 24 hours.
Overall, if Bitcoin's price sustains above its short-term holder cost basis, it could catalyze further upside, with a potential target in the US$100,000 range. Conversely, failure to do so could trigger a price correction towards US$72,420.
Technical Analysis
The current Bitcoin price action, with its key resistance and support levels, suggests a potentially bullish outlook. The asset is currently consolidating within a narrow range. Specifically, the US$96,160 level is providing significant support, while bulls are encountering substantial resistance at US$98,290.
A break of US$98,290 could pave the way for a significant price move. This could see Bitcoin retesting the US$100,000 level, followed by a potential pullback. The Relative Strength Index (RSI) indicates that bullish momentum is in the overbought territory, which may signal a period of consolidation before further upside.
Trading Recommendations
Trading Direction: Buy
Entry Price: 95500
Target Price: 101800
Stop Loss: 91000
Valid Until: May 22, 2025 23:55:00
Support: 96160, 95333, 93429
Resistance: 98290, 99617, 102568
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