- BTC value falls from the famous Pi Cycle Top indicator, projecting a recent all-time high of $65860 in April
- The 24-hour volume in BTC is at $67,677,807,908 with a 3.40% decrease
- Bitcoin price took support at of $53000 and trying to sustain above $56000
The daily technical chart of the BTC value projects a bullish trend. In contrast, to pivot points, BTC’s critical support level is placed at $53000. While on the other hand, if it moves up, the pivotal resistance level to watch is $65000. Moreover, on the chart of a 1-day time frame, it completes a bullish engulfing candlestick pattern representing bulls controlling the price action.
For the last few years, the Pi Cycle Top Indicator has been very popular among the traders who track the Bitcoin price movement. At the time of writing, BTC was sustaining at $57000 after reaching a low of $52960. According to the Pi Cycle Indicator, it marked a top of $65860, an all-time high of Bitcoin since its inception.
Furthermore, MACD (BULLISH) – Intersects above signal line indicating a positive trend in the coin. Also, investors can observe green bars in the Histogram to support the direction.
The volume of (7.65K) is beneath the Volume MA (9.36K) of 20-days. Investors can observe multiple volume bars below volume ma of 20-days to pull down the price. High buying pressure is required in Bitcoin to drive its price to higher levels.
The number Of Large Transaction Increased; Giving Value To BTC This Year
Source: Intotheblock
Large transactions are those on-chain transactions transferred an amount greater than $100,000. These act as a proxy to institutional players and whale’s activity, pointing out how they may invest and position themselves in the market.
The yearly chart of Bitcoin highlights the transactions went from $8 billion to $99.54 billion in a year, with a 7-day high of $125.28 billion and a low of $83.56 billion. Meaning the interest of investors has increased this year in Bitcoin.
Bitcoin Gives Small Corrections For Altcoins To Explode
BTC value traded at $56900 with a gain of 2.88% in the last 24-hour and 4.60% up in the weekly period. Furthermore, Bitcoin price plunged from the Pi Cycle Top. In contrast, the market capitalization stands at $1 trillion. Technically, investors can perceive a bullish crossover in the MACD, and the price took support at $53000. Moreover, the price movement can be above $65800 in future trading sessions.
Resistance: $65800
Support: $53000