In the crypto market, all eyes are on Bitcoin. BTC bounced back from a critical support level. But, it now faces steep downward resistance. Crypto Rover, a keen-eyed analyst, points out that such exposure can bring a lot of volatility. This could happen as early as Monday, if not earlier.
Bitcoin traders and analysts at Crypto Rover have been increasingly vigilant. They have noted the formation of a ‘CME’ gap over the weekend that has, in the past, forced the cryptocurrency to readjust to the semicircle close price.
This pattern indicates that there could be a likelihood of price correction in case of such gaps, which may define next week’s trading activities in ways that can make investors hang on their seats.
But that’s not all. The other valuable market element that might have significant implications is the introduction of an Ethereum ETF, as identified by the analyst’s detailed analysis. This development could further spur more oscillations in the market, which is already full of unpredictability, particularly about cryptocurrencies.
Moving further into the market trend, Crypto Rover’s report shows that funding rates have recently declined, coupled with increased liquidity stacked well above the current Bitcoin price. These are signs of underlying market trends and could well be critical pointers to what will happen in the next round of price movements, making it a much-watched area by traders and speculators.
Amidst the rumors, some analysts have given rather rosy outlooks. For the crypto king, they believe that it could go up to $100,000. Others, however, want even more, believing one could earn up to $150,000 online. We don’t know which predictions will dominate in this constantly developing world of crypto.
Bitcoin Price Review: How is BTC Doing Today?
Turning now to Bitcoin charts and theories, the Alligator Indicator lines are now active. Having been closely intertwined and enmeshed here, they start to diverge even more and with this, the tentative signs that they may be moving out of a consolidation phase and into a trend phase that could light the touch paper on the market.
The green line (lips) has moved up, crossing over the red (teeth) and blue (jaw) lines, sparking downtown and promising a bullish run in the future. If the green line of alligator lips remains above the other lines and the market cap is also situated above these lines, this can hint at the continuation of the upward trend, which is good news for bulls.
However, the crypto cosmos is ever-evolving, and the trends could shift anytime soon. As the green line re-crosses the other two lines or falls back below the Alligator Indicator lines, bulls may begin to lose steam, causing waves of concern to be sent through the market.
However, as the world has learned, the stars may not always be kind, and other signals from the night sky tell a different story.
The other indicator used is the Awesome Oscillator, which appears as bars above and below a central zero line. Its change from red to green shows a change in momentum. However, returning to red bars in the majority at the AO would signal the extent of bearish pressure, which may dampen the spirits in the crypto space.
As we see at these cosmic signals, data on trade from CoinMarketCap shows that BTC was at $69,380, a 0% difference of 5% over the last 24 hours and a 2.47% boost within the previous 24 hours. Whether these figures indirectly point to a victory of the bulls or a defeat at the hands of the bears, only the future will be revealed in the everlasting drama of the crypto cosmos.
