Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.
Lastly, Bitcoin [BTC] inflicted a bullish breakout above its 2-week vary formation. Following a weekend price pump amidst a tentative US debt ceiling deal, BTC secured the $26.2k help and crossed $27k.
The uptrend momentum was prolonged into the final week of Could because the king coin climbed above the $26k – $27.5k vary on 29 Could.
At press time, the BTC’s value was $28k, up 0.32% prior to now 24 hours, extending inexperienced throughout most altcoins.
Nonetheless, the transfer to $28k has beforehand confronted heavy headwinds as long-term BTC holders sought to lock earnings at this degree.
BTC inflicts a bullish breakout
Between 11 – 28 Could, BTC fashioned a short-term vary of $26k – $27.5k. The pullback of the bullish breakout from the vary on 29 Could retested the vary excessive at $27.5k.
After the pullback retest, the confirmed uptrend units BTC bulls to be careful for key resistance ranges forward.
One of many resistance ranges is $28.5k, a key value ceiling/vary excessive throughout late March/early April value consolidation. A retest of $29k or $30k may very well be possible if BTC clears the $28.5k roadblock.
However a breach of the vary excessive and the 20-EMA ($27.5k) might shove again BTC to the vary, derailing bulls’ efforts. Such a retracement might ease on the mid-range of $26.8 or vary low at $26k.
The RSI hit the overbought territory whereas the CMF retraced to the zero mark, denoting an elevated shopping for stress however easing capital inflows to BTC.
Shorts discouraged
Out of the $1.56 million liquidated positions, $1.5 million had been brief positions within the 4-hour timeframe. Whereas this paints a short-term bullish outlook, it stays to be seen if BTC will shut above $28k on the finish of Could and lengthen the uptrend momentum into June.
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Current Glassnode knowledge confirmed that Bitcoin hit new information concerning new addresses with non-zero holdings or above 0.01 cash.
Notably, addresses holding 0.01 cash hit a brand new ATH (all-time excessive) of 12,080,129. Equally, non-zero addresses hit an ATH of 47 million, with just some months to 2024 halving.