MicroStrategy’s current billion-dollar financialinvestment in Bitcoin (BTC), the world’s greatest cryptocurrency has turned the market belief to bullish. With this financialinvestment, BTC has reached its vital resistance level of $60,000 and is simply one action away from a considerable rally.
Bitcoin Technical Analysis and Upcoming Levels
According to professional technical analysis, Bitcoin appears bullish as it is presently trading above the 200 Exponential Moving Average (EMA) on a everyday time frame. The 200 EMA is a technical sign that signals whether the property is in an uptrend or a drop.
Despite being in an uptrend, Bitcoin is presently dealingwith strong resistance at the $60,000 level. If BTC closes a day-to-day candlelight above the $60,000 level, there is a high possibility it might experience a cost rise of practically 11% to the $65,000 to its next resistance.
Bullish On-chain Metrics
This bullish outlook is evenmore backed by the on-chain metrics. Coinglass’s Long/Short ratio presently stands at 1.0446 showing traders’ bullish market belief. At present 51.09% of top BTC traders hold long positions, while 48.91% hold brief positions.
Additionally, BTC’s future open interest hasactually increased by 2.03% and hasactually been gradually increasing giventhat September 9,2024 This increasing open interest suggests that bulls are positioning more quotes on long positions in the hope that Bitcoin might breach the resistance level.
