Bitcoin still in ‘up only mode,’ but these are the key price levels to watch

1 hour ago

Key takeaways:

Bitcoin dropped to $122,500 connected Tuesday, but onchain information shows nary signs of an overheated market.
The absorption astatine $135,000 remains the main BTC terms obstruction for now, with cardinal enactment astir $120,000.

Market analysts said Bitcoin’s upside remained intact contempt the 1.7% correction from its all-time precocious of $126,200 reached connected Monday.

Bitcoin to spot a “small pullback” earlier continuing higher

“BTC has been successful an up-only mode,” with the terms printing conscionable 1 reddish candle successful the past 11 days,” said expert Mags successful an X station connected Tuesday.

The BTC/USD brace is taking a tiny pullback successful little clip frames toward the cardinal enactment level astatine $123,300.

A regular candlestick adjacent supra this level could spot Bitcoin “continue higher,” the expert said, adding that the nonaccomplishment to clasp this enactment could spot a retest of the $120,000 zone.

“Overall, dips are for buying, and the adjacent absorption is adjacent $135,000.”

MN Capital laminitis Michael van de Poppe said Bitcoin is consolidating astir the all-time high, adding:

“It’s gathering up stamina for the next large breakout toward $150K.”

An accompanying illustration showed that the $118,500-$120,500 portion would beryllium an “optimal introduction point” successful the lawsuit of a correction.

As Cointelegraph reported, Bitcoin could consolidate wrong a constrictive scope betwixt $122,000 and $124,000 implicit the adjacent fewer days arsenic it builds momentum to interruption higher into terms discovery.

Bitcoin’s terms momentum is accelerating

Private wealthiness manager Swissblock stated that Bitcoin’s upward momentum remains strong, contempt the flimsy correction from grounds highs.

Swissblock shared a illustration revealing a “rare” setup wherever the latest rally saw Bitcoin terms momentum interruption done resistances without large corrections.

“Momentum is igniting astatine resistance, not fading from it.”

“Nevertheless, a spot of short-term friction is needed to physique deeper acceleration,” Swissblock added.

Echoing this observation, onchain information supplier Glassnode pointed out that Bitcoin’s relative spot index (RSI) has accrued to 66 from 44 implicit the past 7 days, indicating a 50% emergence successful upward momentum.

This reflects a “stronger buying momentum and increasing marketplace confidence,” Glassnode wrote.

Meanwhile, spot request is accelerating with spot cumulative measurement delta (CVD) turning affirmative and rising to $68.7 cardinal from -$73.6 cardinal implicit the past week.

Trading measurement connected centralized exchanges besides accrued by 32% to $9.27 billion, from $6.99 billion, implicit the aforesaid period.

Glassnode added:

“The emergence supports caller terms momentum, suggesting stronger capitalist engagement and confidence. Although, maintaining this elevated enactment volition beryllium cardinal to sustaining the uptrend.”

Onchain information reveals cardinal Bitcoin terms levels to watch

Looking astatine Bitcoin’s short-term holder (STH) outgo ground reveals that the STHs are inactive progressive and not exhausted.

STH outgo ground refers to the mean acquisition terms of investors who person held Bitcoin for little than 155 days.

The terms touched the “heated” set of this metric connected July 14, erstwhile it deed its erstwhile all-time precocious of $123,200, but did not participate the overheated zone.

If it rises to retest the precocious set — matching the 1 modular deviation supra the STH realized terms — it could deed caller all-time highs astatine $133,460.

Higher than that, the adjacent absorption is the “over-heated” set astatine $150,000 — matching the 2 modular deviations supra the STH realized price.

This suggests there’s inactive country for enlargement earlier we spot immoderate panic selling oregon euphoria.

On the downside, the archetypal large enactment sits astatine $113,300, representing Bitcoin’s STH realized price.

This terms set has historically served arsenic a captious enactment level, arsenic seen betwixt April 6 and Sept. 25, arsenic good arsenic during the October 2024-January 2025 rally.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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