Bitcoin: Technical Indicators Suggest Continued Bull Run Towards Key Levels
Bitcoin remains near the $107,000 mark, reinforcing investor confidence and raising hopes for new monthly and all-time highs. The Crypto Fear and Greed index currently signals “greed,” reflecting trader eagerness to buy. Myriad data indicates a dramatic shift in sentiment for Bitcoin’s near-term trajectory.
Myriad Predictions Shift to Bears
A Myriad market (“Bitcoin’s next hit: moon to $115K or dip to $95K?”) reveals that investor sentiment turned sharply bullish on June 22. Previously at 30% expecting a move above $95K, the belief that Bitcoin will top BTC $115k before retracing to $95K rose dramatically to 61.2%. The prediction market expires on December 31 or upon Bitcoin hitting one of the target prices first.
Technical Analysis: July 19 Deadline
Technical analysis points towards a critical date, July 19, coinciding with a major resistance-turned-support level near $106,500. This date marks the convergence point of opposing channel lines since May 22 and April.
- If Bitcoin trades above $106,500 by July 14, it signals the cancellation of the bearish correction, a potential breakout above resistance, and a resumption of the bullish tendency towards new all-time highs, paving the way for the $115,000 target.
- If Bitcoin trades below $106,000, the bearish scenario gains ground, with $95,000 appearing more likely as a target within the broader bullish structure.
Supportive Indicators
Further bolstering the Bitcoin case is the ongoing “altcoin season” wait. The Altcoin Season Index sits low at 18/100, confirming Bitcoin dominance (currently trending towards 70%) and indicating capital is flowing into Bitcoin rather than altcoins. A Myriad indicator shows 57.7% of predictors expect dominant holdings to reach 70%. Additionally, Bitcoin maintains a golden cross formation, signaling sustained medium-term bullishness.
Further Technical Analysis
Day-to-day charts provide more nuanced reads. The Average Directional Index (ADX) rate of 15 indicates a lack of strong daily momentum, suggesting market drift rather than decisive action. The Relative Strength Index (RSI) at 55 shows balanced momentum, neutral but suggesting waning bullish over-penetration following a recent correction. The gap between short-term and long-term Exponential Moving Averages confirms the underlying bullish trend persists despite recent consolidation.
Currently, volatility compresses, suggested by the Squeeze Momentum Indicator’s “ON” status, potentially setting the stage for a significant price movement. Traditionally, Swing traders would prioritize positions while volatility increases, whereas Momentum Traders may consider shorting the inevitable move.
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