- Bitcoin is hovering around the $70.8K zone.
- BTC indicators reflect mixed market sentiment.
Bitcoin (BTC), the largest and dominant asset in the crypto market, is currently in the extreme fear zone, with the Fear and Greed Index at 13. It has recorded a 4.74% gain, currently trading within the $70,848 range. Notably, BTC’s daily trading volume has soared by over 19.78% to the $50.32 billion mark.
As per an analysis, Bitcoin has recently slipped below its 2-year moving average, a long-tracked indicator that many analysts use to identify major buying opportunities during market cycles. Historically, when it falls below this level, long-term investors view it as a period for accumulation.
The indicator has served as a reliable signal for more than a decade, as earlier dips below it were often followed by recoveries. In addition, the current price near $70K, after briefly touching $60K, may represent a discounted entry zone. If the broader market cycle follows patterns seen in the past, BTC could move toward higher levels, with long-term targets discussed around $430K.
Zooming in on the 4-hour Bitcoin chart, if the upward trajectory intensifies, the price may climb to the $70.9K resistance. With the formation of the golden cross, the bulls would send the price higher, above $71K. Conversely, upon the bears taking charge of the BTC market, the support at $70.7K will be breached. Assuming a strengthened downtrend, the death cross might unfold. Gradually, the price could fall below $70.6K.
Bitcoin Technical Outlook Shows Conflicting Signals
The technical analysis of BTC exhibits that the Moving Average Convergence Divergence line is above the zero line, and the signal line is below zero. It shows mixed momentum, suggesting the overall trend is turning bullish. However, with the signal line below zero, the momentum is lagging.
Besides, the Chaikin Money Flow (CMF) value at 0.02 indicates a weak buying pressure in the Bitcoin market. As it is slightly above zero, the money inflow is only marginally higher than the outflow. If it rises, it could signal increasing buying interest, while a drop will signal growing selling pressure.
BTC’s daily Relative Strength Index (RSI) is found at 63.42 displays moderate bullish impulse. Meanwhile, it remains below the overbought zone, with enough room for further upside, and a drop toward 50 would consolidate. Furthermore, the Bull Bear Power (BBP) reading of 4,023.43 reports extremely strong bullish pressure. Significantly, the buyers are pushing the price far above its average level, along with strong demand in the Bitcoin market.
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