Bitcoin Bullish Again? Potential All-Time High in Sight: Analysis

The cryptomarkt shows relatively quiet Thursday, with top assets usually flat on the day while traders digest positive macro news and consider where they can assign their positions.

Bitcoin won 0.4% in the last 24 hours and traded near $ 109,800 after a short highlight of $ 110,590, according to Coeningecko. Ethereum also climbed above $ 2,590, although traders remain uncertain about the direction of it while the prices keep moving sideways.

Almost all the top 100 coins have placed a few figures, with Solana Meme Coin Bonk as the only exception, which nails 10% in the last 24 hours.

Traditional markets gathered after stronger than expected American labor data. The Ministry of Labor reported 147,000 new non-farmers courts in June, far above 110,000 predictions and an increase in the revised 144,000 Mark of May. The unemployment rate fell to 4.1% instead of rising to the expected 4.3%, which shows the continuous economic resilience despite the tightening of the FED.

The Dow rose 75 points (0.17%), the S&P 500 climbed 0.38%and the Nasdaq led with a profit of 0.62%. A peak in the 10-year-old treasury yield up to 4,334% suggests that investors now see less chance of threatening cuts, so that stock profits are filled in despite the beats of jobs.

Weekly unemployed claims also fell to 233,000 versus 240,000, with the average of four weeks fell to 241,500. The data indicates the current force of the labor market and have traders who bet that the Fed will keep the rates at 4.25-4.5% longer.

Bitcoin (BTC): Try to be Bullish again

Bitcoin’s daily profit to its current price of $ 109,781 represents the measured strength instead of explosive momentum, in which the flagship consolidates cryptocurrency in the vicinity of recent highlights after short $ 110,500. That said, as small as today’s movement, it was enough to have the prices break the resistance of a bearish channel (yellow lines) that has been in place since the last 39 days that it enabled the current highest point of $ 111,814.

The daily graph reveals a market in delicate balance. The relative strength index (RSI) at 60 indicates a healthy bullish momentum without being approached overbought above 70. This lecture suggests that Bitcoin has room to walk higher before the sales pressure is confronted with profitable. Traders usually regard RSI measurements between 50-70 as the “Sweet Spot” for persistent uptrends, and breaking a bearish channel at such a healthy level is good for those who expect Momentum.

The average directional index (ADX) at 12 tells a more nuanced story. ADX measures the trend strength regardless of the direction readings below 20 indicate a weak or non-existent trend, while values ​​above 25 confirm a strong directional movement. The current ADX of Bitcoin suggests that the market is in a consolidation phase, with no bulls neither bearing decisive control. This often precedes important movements such as market coils for an outbreak.

This is of course to be expected. Even the current bearish correction has a very slight slope, and a movement about the resistance in the short term does not cancel part of the Bearish strength enough to say that the coin is bullish in the short term, but interesting to consider alongside other indicators.

The exponential advancing averages outline a definitive bullish image, especially for traders with longer time frames in mind, with the 50-day EMA above the 200-day EMA. This configuration usually indicates a continuing buying pressure and a healthy market structure. If shorter averages remain above the longer term, this indicates that recent buyers are willing to pay higher prices than historical averages.

The Squeeze -Momentum indicator that shows the status of “op” suggests that the compression of the volatility takes place. Think of this as a rolled spring – when the squeeze comes out, it often results in explosive price movement in both directions.

In other words, there is still potential for a continuation of the bearish trend, but it is probably a big movement short if the prices try to break out of this zone

Key levels:

• Immediate support: $ 108,000 (psychological level and recent consolidation zone)
• Strong support: $ 104,000 (50-day EMA convergence)
• Immediate resistance: $ 110,000 (psychological barrier)
• Strong resistance: $ 112,000 (approach to recent cycle heights)

Ethereum (ETH): Free break despite technical headwind

Ethereum is somewhat higher today, with a small movement to the current price of $ 2,592 that comes yesterday yesterday that recovered the prices of daily low points of $ 2,374.

The RSI at 57 places Ethereum on neutral territory. This lecture from the center of the ground often indicates a transition market, whereby the previous trend (in this case Bearish) can lose steam. For traders, this suggests that ETH could build a basis for further upwards without the immediate risk of a sharp withdrawal that is usually accompanied by overboughteconditions.

The ADX lecture of 12 mirrors Bitcoin’s weak trend strength, indicating that Ethereum is also in a consolidation phase. However, this low ADX after a strong movement can be interpreted as the market reproduction profits before the next leg higher. When ADX measurements remain below 20 after a considerable price movement, this often indicates accumulation due to smart money.

The technical factor in question is the “Death Cross” formation that is visible on the graph-de 50-day EMA that is below the 200-day EMA and the inability of traders to form a Golden Cross, despite the fact that both EMAs are so close together. This bearish configuration usually indicates that the sales pressure has dominated recent trade. Today’s price action, despite this headwind, suggests that buyers intervene with conviction, possibly set up for a bullish crossover if the momentum continues.

The Squeeze Momentum -indicator that shows the status “op”, combined with today’s breakout movement, suggests that Ethereum can be in the early stages of an expansion phase of volatility. When the prices break higher, while De Kneep is active, this often leads to persistent trending movements.

Key levels:

• Immediate support: $ 2,500 (psychological level)
• Strong support: $ 2,400 (recent swing low)
• Immediate resistance: $ 2,700 (50-day EMA zone)
• Strong resistance: $ 2,900 (200-day EMA convergence)

Published by Andrew Hayward