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Bitcoin price remains below key resistances, but this hasn’t stopped investors from becoming extremely bullish on BTC.
Key on-chain data indicates that the propensity that Bitcoin investors have to hold their coins is almost at all-time highs.
Along with accentuating the optimism of crypto-asset holders, this is also a similar trend seen at the start of the 2017 bull market.
Blockchain analytics firm Glassnode recently found that 60% of all BTC in circulation “hasn’t moved in over a year, showing increased investor HODLing behavior.”
The last time this much of the cryptocurrency was frozen was “right before the BTC bull market of 2017,” prior to the 2,000% rally that took Bitcoin from $1,000 to $20,000.
The accumulation habits of Bitcoin investors aren’t the only thing indicating another parabolic rally is near.
Analyst Nunya Bizniz recently shared the two charts below with the following comment:
“Bitcoin daily chart: for the first time during the 2015 lows, there was a golden cross, death cross, golden cross sequence that occurred all within the span of about 100 days. Price then rallied 6,400%. For the 2nd time at 2020 lows, this sequence has agains occurred within about 100 days.”
He’s showing that the last time Bitcoin’s 50-day and 200-day simple moving averages looked almost exactly as they do right now, the asset rallied 6,400% in the year that followed.
Fundamentally, this makes sense.
Investopedia describes a golden cross as a “candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.” Golden crosses show that “a bull market on the horizon and is reinforced by high trading volumes,” the investment knowledge website added.
In other trending Bitcoin News today:
ANALYST: BITCOIN MARKET STRUCTURE LOOKS VERY SIMILAR TO $10,500 FEBRUARY HIGH
Since bottoming at $8,600 over five days ago, Bitcoin has performed extremely well.
The asset rallied as high as $9,650 on Thursday, liquidating dozens of millions of dollars worth of shorts in the process.
Simultaneously, Ethereum saw a massive breakout past a crucial level, suggesting that BTC has room to the upside.
Even still, a top trader has suggested that Bitcoin’s recent price action is looking much like the price action seen at the February year-to-date top.
A crypto trader recently shared the image below, showing that Bitcoin’s recent price action looks eerily similar to that seen at the February highs of $10,500.
Both periods have similar phases, including a triple-topping pattern indicative of a potential reversal. Should BTC trade as it did after February highs, a strong drop could ensue in the following weeks.
It isn’t only the similarities in the market structure suggesting Bitcoin is topping in the $10,000 range. One prominent crypto trader recently shared the chart below of BTC’s price action since the start of the year with Bitfinex order book data overlayed.
The chart indicates that there is currently a mass of sell-side orders in the $10,000-10,300 range.
This is important as when Bitcoin rallied to and was rejected by the $10,000 range two times over the past month, there was also a sell wall in that range.
This chart also shows that when BTC topped at $10,500 in February, it also ran into a confluence of sell orders at $10,500.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.