Mt. Gox creditors aren’t selling their Bitcoin, and the Spot Bitcoin ETFs continue to buy for the institutions. Technical indicators are signalling a sea change – is the Bitcoin price set for lift-off?
Bitcoin holders not selling – Fear is dissipating
A sea change is rolling across the entire cryptocurrency market. The much-feared sell-offs from well-known entities don’t appear to have materialised in any great amounts. Savvy creditors who have received their Bitcoin are perhaps speculating that this Bitcoin bull market is by no means over, and are holding firm.
The Fear and Greed Index, which puts a score to various market trends, was deep into the fear yesterday, at a score of 26. However, one day later, this score, although still in Fear, has shot up to 39. Greed cannot be far off.
Bitcoin breaks out of triangle
Source: TradingView
In the short term time frame, the $BTC price has broken out of a triangle, and looks to have successfully retested the breakout. It now remains to be seen whether the price can go higher and punch through the main resistance at $63,000.
Bump and run chart pattern
Source: TradingView
Well-known YouTube influencer MMCrypto recently published a video in which he highlights the “Bump and run” chart pattern. This pattern is still in force, and if it continues to play out, a much higher price is likely to result.
RSI about to break trend?
Source: TradingView
Zooming out into the weekly time frame, the main resistance at $61,000 can be noted. If one refers to the bottom of the chart, the Relative Strength Indicator is showing that the indicator line is approaching the downward trend line. A breakthrough here could signal the start of a new upward trend. A Bitcoin lift-off could then truly take place.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
