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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Action Watch: 3 Pivotal Zones That Could Sway BTC’s Next Move

Ronaldo Marquez
Ronaldo Marquez
10 months ago
3 mins read
Bitcoin

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As the Bitcoin price consolidates below the $60,000 threshold, the market has been characterized by a mix of indicators and technical levels, leading to a divided forecast and heightened uncertainty.

Mixed Signals Cloud Bitcoin Price Trajectory

According to Bitcoin maximalist Mark Cullen, the current Bitcoin price action presents a complex technical picture. He suggests that the $57.5,000 level will likely be tested, and the key question is whether it will hold. 

Cullen believes it will, at least initially, before potentially breaking lower. He also highlights the importance of the $59,500 level, stating that if Bitcoin can push through, it would be a strong signal to heavily long the asset with a tight stop-loss below.

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However, Cullen also warns of the potential for a sweep of the liquidity below the $54,500 level, which could pave the way for a move to new lows in the $40,000 range if that level is breached.

Crypto analyst Axel Adler also points to a similar picture, highlighting that as the Bitcoin price currently trades below its 200-day simple moving average (SMA), this could lead to further bearish continuation for BTC. According to Adler’s analysis, the next support level is the 365-day SMA at $50,000.

What Do BTC’s On-Chain Fundamentals Say?

Compounding the technical uncertainty, the data intelligence platform Glassnode has reported that Swissblock’s Bitcoin Fundamental Index (BFI) moved from positive to neutral territory last week. 

According to the platform’s co-founders Yan Alleman and Jan Happel, this shift reflects the uncertainty surrounding the Black Monday event and the post-Consumer Price Index (CPI) bull trap felt on the chain.

The BFI, composed of two sub-metrics measuring network liquidity and network growth, has recently shown a bifurcation. While network liquidity has dropped into neutral territory, network growth has risen, painting a complex picture of Bitcoin’s fundamental outlook.

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Alleman and Happel note that the drop in network liquidity, while concerning the short term, is not necessarily a bearish signal in the long run. They explain that increased network liquidity is desirable, as it enhances Bitcoin’s functionality as a medium of exchange.

However, the rise in network growth is seen as a strong bullish sign, indicating that more players interact with the Bitcoin network on an entity-adjusted basis. This effectively creates a deeper pool of crypto-native capital, which could support the asset’s long-term valuation. The Glassnode co-founders stated:

Given the current store-of-value ‘digital gold’ narrative and the increased ease of getting BTC exposure via ETFs, CEXes, etc., rising network growth is a strong bullish sign.

Bitcoin price
The daily chart shows BTC’s price consolidation below $60,000. Source: BTCUSDT on TradingView.com

When writing, the Bitcoin price is $58,680, down over 2% in the last 24 hours.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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