Bitcoin Surges Past $65K: Signs of a Bullish Market Outlook Highlighted
Summary:
Bitcoin's value crossed the pivotal $65,000 mark, suggesting a potential bullish market trend. The price recovery might indicate the end of the ongoing price dip with a possible rally hinted at by increased open interest and positioning in the derivatives and options markets. Bitcoin needs to surpass the $69,000 threshold for a confirmed leap towards new highs. However, a warning was issued about the market depth which could lead to increased volatility.
Bitcoin's (BTC) value exceeded the critical point of $65,000, indicating a possible shift into a bullish market trend on April 22, just two days after Bitcoin halving. This price reclaim, according to Nexo's structured products lead, Kristian Haralampiev, might lead to the end of the current price dip, as global finance markets have been relaxed due to Middle East tensions. The recent increase in interest across derivatives and a boost in the options markets might be hinting at a rally. Online crypto analyst Trader Alan echoed these sentiments, suggesting that Bitcoin reclaiming the $65,600 mark could be the sign of a bullish trend. Bitcoin, having closed out the week above the $65,600 resistance level, might look to move towards $67,150. Bitcoin's MVRV-Z indicator, which is used to determine if an asset is overbought or oversold, showed a healthy correction dropping to 2.08 on April 17. Philip Swift, LookIntoBitcoin's founder, believes this points to a solid upward trend. While these are positive signs, Jag Kooner, Bitfinex's head of derivatives, cautioned that it's too early to declare the price correction phase over. The market's depth has considerably lessened, making smaller orders more capable of making market moves. To affirm a leap towards new highs, Bitcoin must surpass the $69,000 mark, according to Haralampiev. Bitcoin is experiencing major resistance at the $67,000 mark. According to Coinglass data, a potential leap above the $69,000 mark would clear over $1.12 billion short-level positions across all exchanges.
Published At
4/22/2024 10:15:00 PM
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