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Bitcoin Price Rush – Biggest This Century? Traders Scramble For Last Minute BTC USD Positions

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Bitcoin has made a quick recovery from the weekend sell-off. This kind of BTC USD price stability in the midst of global instability speaks volumes about current demand. The biggest crypto asset is being bought up and stashed as institutions, governments, banks and companies have joined the competitive market. Retail buyers don’t wait around are scrambling to get a piece of the pie.

Bitcoin Price Rush – Biggest This Century? Traders Scramble For Last Minute BTC USD Positions - ExpertFX School

The Bitcoin balance on exchanges has dropped by 800,000 between June 2024 and today. The estimated amount of BTC mined for the past year is around 177,000.

Stockmoney Lizards’ observation that people are still not massively in profit means that selling pressure should still be rather low, compared to what it should be at the end of the bullrun. Great fundamentals! Now it’s time to move on to technical analysis.

Is Bitcoin Rush Displayed On the Charts?

Bitcoin Price Rush – Biggest This Century? Traders Scramble For Last Minute BTC USD Positions - ExpertFX School

(BTCUSD)

Bitcoin is still in an uptrend in the weekly timeframe. Above all, moving averages are making higher highs and lower lows. A key level that needs to be broken is at $110,000, which for now proves to be resistance. One possible scenario investors would not like is the so-called double top. The FVG gap here is still not filled, though we are witnessing a strong bounce from support at $100,000.

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BTC USD Forms a Bull Flag on The Daily Chart?

Bitcoin Price Rush – Biggest This Century? Traders Scramble For Last Minute BTC USD Positions - ExpertFX School

(BTCUSD)

Next in line is the Daily timeframe. Here we see two FVG gaps. The upper one has been visited multiple times, but FVG1 is still filled. Will it happen? We will see later, so keeping it as a plausible scenario is good.

However, it being below the moving averages, which is the price reclaimed in April, makes it unlikely. Another pattern I see here is a bull flag, which I indicated with orange lines. In uptrends, these formations are usually bullish accumulations and break to the upside.

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Bitcoin Price Rush – Biggest This Century? Traders Scramble For Last Minute BTC USD Positions - ExpertFX School

(BTCUSD)

Let’s finish today’s analysis with the 4H chart. The two main parts of this chart we pay attention to are the second break above MA200, which led to a quick leg up. Now, we might see this repeated. The second bit is that price has moved above the previous high (test of MA200 before the drop to $98,000). I expect $108,000 to be tested again soon, and I’ll be watching how traders respond.

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Bitcoin Rush Of 21st Century: People Scrambling For Leftovers

  • FVG 2 demand should be low now
  • Weekly FVG might not be tested, though we keep it as plausible
  • Price is forming a bull flag.
  • MA200 on 4H reclaimed

The post Bitcoin Price Rush – Biggest This Century? Traders Scramble For Last Minute BTC USD Positions appeared first on 99Bitcoins.

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