Bitcoin Price is not Out of the Woods

Bitcoin price shows a retest of the upper range of its consolidation after rallying for nearly two weeks. This uptrend will now face multiple hurdles that will decide the outlook for Bitcoin in the near future.

Bitcoin Price is not Out of the Woods

Bitcoin price looks ready for more uptrend but it is currently approaching the upper boundary of an ascending triangle. This technical formation contains trend lines drawn across equal highs and higher lows. The target or this setup is obtained by measuring the distance between the first swing high and swing low to the breakout point.

For BTC, this target is at $53,855 but the bulls need to overcome multiple hurdles to reach their destination. Although the recent upswing has sliced through the 50-day and 100-day Simple Moving Averages (SMAs), Bitcoin price needs to clear a few more hurdles. The weekly supply zone, extending from $45,550 to $51,860 is a major blockade that also harbors the 200-day SMA.

Therefore, a weekly candlestick close above $52,000 will set a higher high relative to the highs formed in December 2021 and suggest the start of an uptrend. In such a case, market participants can expect BTC to head for the $60,000 psychological barrier, bringing the total gain to 36% from the current position – $43,972.

While optimism is not lacking after the recent run-up, IntoTheBlock’s Global In/Out of the Money (GIOM) model shows that Bitcoin price is currently facing a hurdle that extends from $43,719 to $50,874. The 5.92 million addresses that purchased roughly 3.15 million BTC at an average price of $47,653 are “Out of the Money.” Clearing this thicket of underwater investors will not rid BTC of its woes as the next cluster of investors that purchased 2.98 million BTC at an average price of $58,153 are also at a loss.

The uptick in buying pressure seems to have liquidated quite a bit of short-sellers, but the on-chain volume and daily active addresses (DAA) have not reflected anything out of the ordinary. In fact, the number of DAA has decreased from 1.09 million to 0.95 million since March 2. The on-chain volume during the same period has remained relatively the same at 30 billion.

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Bitcoin Price is not Out of the Woods via @marketinvestor
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