In a surprising move, the BTC price overcame the $4000 loss that happened before with a strong upswing of over $6000. The shorts got worn very hard with the recent move and are expected to get slaughtered at the higher levels too. The token has already confirmed a breakout from a descending channel in the short term, which signifies that the bulls could be sure of forming a new ATH in the coming days.
With around 30 days remaining for the Bitcoin halving, the markets have been experiencing extreme volatility, which has been witnessed in the past few days. This volatility has led to huge clouds of uncertainty, as no clear signals have been seen. The bearish technicals have not yet flipped after the recent move. Does this indicate that the bulls could be trapped again at the interim highs?
The above daily charts show a clear diversion from the bearish trap as the price rebounded from the ‘key-support’ zone. Besides, the divergence in the RSI can be considered as a bullish signal to some extent but from a larger perspective it appears to be forming a lower high. Alongside, the DMI is also stuck in a bearish trap, with the ADX heading towards the lower threshold. These factors do not support a bullish scenario but if the price maintains a healthy upswing for another couple of days, then some possibility of a trend reversal may be expected.
Since the spot Bitcoin ETF went live, nearly 200K inflows have been registered. If the inflows continue similarly, then trillions of stocks and bonds are expected to feed into the ETFs. With just a 200K BTC inflow, the Bitcoin price almost reached $74,000; an inflow beyond 2 million can elevate the price to close to a million. Hence, the star token, Bitcoin, in the long term remains extremely bullish and could surpass these interim hurdles with acute strength.
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