Bitcoin (BTC), as the world's largest cryptocurrency, continues to maintain an upward trend, approaching the $27000 mark on Tuesday. Initially, BTC surged to a level of $27000, the highest level since August 31st
Bitcoin (BTC), as the world's largest cryptocurrency, continues to maintain an upward trend, approaching the $27000 mark on Tuesday. Initially, BTC surged to a level of $27000, the highest level since August 31st.
The reason behind the rise may be attributed to market expectations for the upcoming US Federal Reserve meeting. The Federal Open Market Committee (FOMC) is expected to temporarily stop raising interest rates.
The increasing number of Bitcoin Exchange Traded Fund (ETF) applications has attracted the attention of global investors and is considered a key factor in the overall expansion of the cryptocurrency market.
The increase in interest in Bitcoin ETFs has helped push up the price of BTC, prompting it to recently break through the $27000 mark.
The value of Bitcoin has increased by 2.50% this month, with a cumulative increase of 61% this year. If this positive trend continues, the value of Bitcoin may exceed $28000.
It is worth noting that the entire cryptocurrency market seems optimistic, with many digital currencies experiencing significant increases.
Bitcoin's recent surge: increased interest and bullish signs
The price of Bitcoin is influenced by various factors, including commercial activities, which have resulted in Bitcoin's open interest exceeding $1 billion.
This indicates an increasing interest in cryptocurrencies and contributes to the profitability of BTC. In addition, there has been an increase in call options, indicating bullish sentiment, especially after Bitcoin broke through the $265000 mark.
This bullish trend has gained momentum as over $30 million in put option positions have been heavily shorted, creating new long positions and driving purchasing demand.
In addition, the number of newly created Bitcoin addresses reached 26808, the highest level in five years.
In addition, the transaction volume reached a four month high of $23724, which may indicate rising demand and a promising long-term outlook for Bitcoin prices.
Bitcoin Price Forecast
Within a 4-hour time frame, Bitcoin showed resilience and found significant support near 26750 points. Obviously, BTC has stabilized and the pattern at the bottom of the tweezers is formed just above this level.
The threshold of 26750 points has a significant technical component; Earlier on the 4-hour chart, it was a double top resistance, but once it was breached, it became an important support for BTC.
In addition, there was a previous downward trend line on the chart, originating from recent highs. Its breakthrough ignited bullish momentum, but after some correction, this trend line now supports BTC from below as support.
The 50 day moving average (EMA) also converges at this point, strengthening its importance. The bottom of the tweezers near the moving average increases the possibility of BTC continuing to rise.
Bitcoin Price Chart - Source: Tradeview
In this context, Bitcoin may lock in the next resistance at 27450 points. In addition, 27850 is a prominent obstacle.
On the contrary, if the support level of 26750 is breached, we may see a bearish force pushing the BTC towards 26400, or even a dip of 25900.
In summary, 26750 points are the key points. Continuously rising above this level may indicate that BTC will enter a long-term bullish phase.
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