- Bitcoin’s market structure revealed it was close to a re-accumulation zone.
- A bounce to $65,065 could be BTC’s target once the coin recovers.
According to crypto trader Rekt Capital, Bitcoin [BTC] has left the danger zone and has reached the re-accumulation area. The analyst mentioned this in a post on X (formerly Twitter) on the 11th of May.
From the chart Rekt Capital shared, he explained how the coin has satisfied the post-halving correction, and in two days, Bitcoin might have left the danger area entirely.
The red days are almost over
To back up his rationale, he referred to the 2016 post-having cycle. At that time, three bearish engulfing candlesticks appeared within 21 days. Later on, BTC surged past $4,250 within some months.
On the 2024 chart, another set of red candlesticks appeared, suggesting that Bitcoin’s correction could be close to its end. At press time, Bitcoin’s price was $60,509.
Source: Rekt Capital/X
This was a 5.61% decrease in the last seven days. As a result of this plunge, many BTC contracts in the market were liquidated.
Using data from Hyblock, AMBCrypto noticed that there was a magnetic zone around liquidation levels. This indicator shows price levels where traders risk being liquidated.
The magnetic zone (blue) indicates a high level of liquidity and implies that the price might move in that direction. For Bitcoin, the price could move toward $65,065 in the short term.
This might happen only if BTC bounces. Failure to reverse upwards might cause a further price decrease. Also, the CLLD, which is the Cumulative Liquidation Level Delta (CLLD) was negative.
Negative values of the CLLD indicate that short are starting to feel more of the liquidations. If sustained, this could be bullish for Bitcoin’s price.
Source: Hyblock
HODLers are in on the exit
We also found evidence of the potential price increase from another metric on Glassnode. The metric in question was the Hodler Net Position Change.
Hodler Net Position Change tracks the monthly net position of long-term investors. If the value is negative, it means that Bitcoin holders are realizing gains, or cashing out on their assets.
However, a positive reading of the Hodler Net Position Change implies accumulation. Up until the last week of April, the metric was negative, indicating that investors were booking profits.
But since the first week in May, that has changed. Specifically, long-term holders bought 26,990 BTC on the 10th of May. As it stands, this accumulation might continue.
Read Bitcoin’s [BTC] Price Prediction 2024-2025
Sustaining this momentum might ensure that Bitcoin trades above $60,000 in the coming days. For the long term, this could be instrumental for the parabolic upside.
Source: Hyblock
However, traders might need to be wary as BTC might drop further. As Rekt Capital opined, Bitcoin might still have two more days of downside before the price might begin to rise slowly.
- Bitcoin’s market structure revealed it was close to a re-accumulation zone.
- A bounce to $65,065 could be BTC’s target once the coin recovers.
According to crypto trader Rekt Capital, Bitcoin [BTC] has left the danger zone and has reached the re-accumulation area. The analyst mentioned this in a post on X (formerly Twitter) on the 11th of May.
From the chart Rekt Capital shared, he explained how the coin has satisfied the post-halving correction, and in two days, Bitcoin might have left the danger area entirely.
The red days are almost over
To back up his rationale, he referred to the 2016 post-having cycle. At that time, three bearish engulfing candlesticks appeared within 21 days. Later on, BTC surged past $4,250 within some months.
On the 2024 chart, another set of red candlesticks appeared, suggesting that Bitcoin’s correction could be close to its end. At press time, Bitcoin’s price was $60,509.
Source: Rekt Capital/X
This was a 5.61% decrease in the last seven days. As a result of this plunge, many BTC contracts in the market were liquidated.
Using data from Hyblock, AMBCrypto noticed that there was a magnetic zone around liquidation levels. This indicator shows price levels where traders risk being liquidated.
The magnetic zone (blue) indicates a high level of liquidity and implies that the price might move in that direction. For Bitcoin, the price could move toward $65,065 in the short term.
This might happen only if BTC bounces. Failure to reverse upwards might cause a further price decrease. Also, the CLLD, which is the Cumulative Liquidation Level Delta (CLLD) was negative.
Negative values of the CLLD indicate that short are starting to feel more of the liquidations. If sustained, this could be bullish for Bitcoin’s price.
Source: Hyblock
HODLers are in on the exit
We also found evidence of the potential price increase from another metric on Glassnode. The metric in question was the Hodler Net Position Change.
Hodler Net Position Change tracks the monthly net position of long-term investors. If the value is negative, it means that Bitcoin holders are realizing gains, or cashing out on their assets.
However, a positive reading of the Hodler Net Position Change implies accumulation. Up until the last week of April, the metric was negative, indicating that investors were booking profits.
But since the first week in May, that has changed. Specifically, long-term holders bought 26,990 BTC on the 10th of May. As it stands, this accumulation might continue.
Read Bitcoin’s [BTC] Price Prediction 2024-2025
Sustaining this momentum might ensure that Bitcoin trades above $60,000 in the coming days. For the long term, this could be instrumental for the parabolic upside.
Source: Hyblock
However, traders might need to be wary as BTC might drop further. As Rekt Capital opined, Bitcoin might still have two more days of downside before the price might begin to rise slowly.
clomid risks how to get generic clomid pill cheap clomid prices can i buy clomiphene without prescription buying cheap clomid without dr prescription where can i buy clomiphene pill where can i buy cheap clomid without prescription
I am actually happy to glance at this blog posts which consists of tons of of use facts, thanks object of providing such data.
This is a theme which is near to my callousness… Many thanks! Faithfully where can I find the phone details due to the fact that questions?
azithromycin 500mg tablet – order azithromycin 500mg without prescription flagyl 400mg brand
buy rybelsus 14mg online – order generic cyproheptadine 4mg generic periactin 4mg
buy motilium pill – sumycin 250mg drug buy generic cyclobenzaprine
inderal 10mg usa – buy methotrexate 2.5mg generic methotrexate canada
cheap amoxicillin – ipratropium 100 mcg price order combivent generic
buy azithromycin 250mg pills – tindamax order online order nebivolol without prescription
augmentin 1000mg cheap – atbioinfo.com buy cheap generic ampicillin
order nexium 20mg online – https://anexamate.com/ esomeprazole for sale online
warfarin over the counter – coumamide.com buy hyzaar generic
order meloxicam generic – https://moboxsin.com/ buy meloxicam without prescription
deltasone 5mg sale – https://apreplson.com/ prednisone 5mg ca
over the counter ed pills – https://fastedtotake.com/ best natural ed pills
amoxicillin medication – combamoxi.com purchase amoxil
order diflucan 100mg generic – flucoan buy diflucan sale
buy cenforce 100mg generic – https://cenforcers.com/ cenforce 50mg without prescription
cialis com coupons – how much does cialis cost at cvs cialis canada
brand ranitidine 300mg – https://aranitidine.com/ buy ranitidine paypal
cialis free trial canada – https://strongtadafl.com/# cialis with dapoxetine 60mg
buy viagra at boots – this viagra 50
More posts like this would force the blogosphere more useful. modafinil provigil urgente madrid
This is the type of enter I find helpful. how to order accutane
The reconditeness in this serving is exceptional. https://ursxdol.com/doxycycline-antibiotic/
The thoroughness in this draft is noteworthy. https://prohnrg.com/product/loratadine-10-mg-tablets/
I am in point of fact enchant‚e ‘ to gleam at this blog posts which consists of tons of worthwhile facts, thanks representing providing such data. gale stromectol