- BTC climbed 11.75% last week and reflected a strong bullish momentum.
- Bitcoin maintained a strong upward momentum; Turning $ 96,000, however, remained crucial for a potential rally.
In the past week, Bitcoin [BTC] has experienced persistent profits, rising from a local low of $ 83k to a high point of $ 95k.
At the time of the press, Bitcoin even traded at $ 94,061 and climbing 11.75% on weekly graphs. The recent price pump reflects the reinforcement of the upward momentum for the crypto.
Looking at Bitcoin’s MacD, it has risen from 137 to a YTD height of 2814. An increase in MACD indicates a strong bullish momentum in the market, with a considerable price movement.
Higher levels usually indicate a continuation of the existing trend.
Source: TradingView
That is why it implies that the current uprising will probably continue if the demand increases or remains constant. It is important that the market has a considerable demand, where buyers are very active in the market.
With a strong upward momentum, while buyers are dominant players, the BTC positions for more profit on its price charts.
What suggest Bitcoin cards?
According to the analysis of Ambcrypto, Bitcoin experiences a strong up momentum. The prevailing market conditions position the crypto for more profit.
To begin with, Bitcoin experiences persistent bullish sentiments of all market participants. As such, these bullish participants take strategic positions in the market.
We can see this market bullishness in several ways.
Firstly, Bitcoin’s fund market premium has become positive to settle at 0.2.
A positive fund premium suggests that investors, in particular, experience institutional, enthusiasm and FOMO. So there is a considerable demand for bitcoin on the market, also in traditional finances.
Source: Cryptuquant
Moreover, other market players are also bullish, because Bitcoin’s fund current ratio has fallen to reach a low point of $ 0.078.
This decline suggested increased holding behavior, because investors preferred the movement of BTC to cold storage and private portfolios-a classic signs of long-term conviction.
Source: Cryptuquant
What is the following?
Bitcoin continues to attract a strong question, in which investors enter important, strategic levels.
If the current momentum applies and the question remains robust, BTC can be placed for a considerable upward movement.
The next crucial goal is $ 96,000, a level important because it represents the entrance fee for holders in the short term that Bitcoin have for three to six months.
Turning $ 96,000 in support would probably clear the road for a meeting above $ 100,000.
Making profit by holders of recent profits, in particular those of BTC for one to three months, can lead to the price between $ 88,000 and $ 94,000 consolidating.
Retaining and converting the $ 96,000 in support therefore remains of vital importance for the next upward process from Bitcoin.
Credit : ambcrypto.com
