The past few months have demonstrated huge uncertainties in the financial markets which saw the price of Bitcoin crash towards its key support; however, the price of BTC looks set for a rally toward $85k.
Key Takeaways
- Bitcoin trades above the key RSI trendline, aiming for bullish continuation to the upside.
- BTC’s strong market sentiment gives traders and investors strong conviction to bullish positions to the upside.
- On-chain data, indicators, and whale activities point to BTC price rallying towards $85k in the coming days.
Bitcoin Market Sentiment Turns Bullish
A few weeks ago, the sentiment surrounding Bitcoin’s price was bearish, as traders and investors were in panic mode amid significant market uncertainty stemming from geopolitical factors affecting the broader financial market.
These uncertainties forced Bitcoin’s price into the $60,000 region as it was about to lose this key support zone. However, a market rebound above $75,000 for the first time in weeks has restored strong conviction of a continued rally to the upside.
Based on market reaction, the price looks strong for a continued rally towards a high of $85,000 as traders, investors, and whales continue to look for buy opportunities to the upside. While these sentiments have been encouraging, technical indicators and market structure have pointed to strong bullish signals.
Bitcoin Market Structure and Technical Indicators
Source – Bitcoin Price Action as Bulls Eye $85k from TradingView
Bitcoin has demonstrated strong price action on the 4hr timeframe, as the price has reclaimed above the 50-day and 200-day EMA (Exponential Moving Averages), and could look to build on its current price action to the upside.
While price has remained strong on the 4HR timeframe, the daily timeframe has indicated the crypto asset would trade towards $85,000, following price trading just above the 50-day and below the 200-day EMAs.
The overall market structure for BTC looks really strong, but on the 4HR or daily timeframe, bulls are currently dominating its price, with an expected price rally to the upside.
FAQs
Why is BTC going up
BTC is going up today as a result of the news of de-escalation between the US-Iran war as this event has affected the financial market in the last few weeks.
How does oil affect Bitcoin?
Oil prices do not directly affect Bitcoin prices; however, a scarcity of oil could affect the global energy market, which could also affect Bitcoin mining, allowing demand for the crypto asset to grow as the price gains some momentum to the upside.
Is BTC going up or down today?
The current price action for BTC has indicated the price would be headed to the upside following a strong market breakout to the upside, retest, and looks set for continuation to the next key highs around the region of $85k
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