The recent bullish signals on Bitcoin (BTC) have sparked a wave of optimism, with the cryptocurrency showing potential to bounce back from its current corrective phase. The sustained knee-jerk move higher brought the BTC/USD to approximately $27,400 on Bitstamp, with swift gains topping out at 3.5% compared to the day’s lows.
Amid shifting exchange order book signals, popular trader Skew expressed hope for a continuation. Although macro conditions induce friction for BTC price performance, regular BTC purchases by the largest stablecoin Tether could act as a “positive headwind.” Notably, the cumulative volume delta (CVD) showcased increasing momentum, suggesting the possibility for Bitcoin’s newfound strength to endure.
On-chain monitoring resource Material Indicators observed the Binance order book with increased volume from the largest class of Bitcoin whales. Purple whales, having the most significant influence over Bitcoin price action, appeared to be affecting the market moves. However, some traders remain skeptical of the uptick’s durability, with TraderSZ closing out a long BTC position at the start of the day.
Shorter-term and longer-term downside targets hover around $25,000 and $24,000, respectively. Nevertheless, trader Credible Crypto believes a return to the upside could materialize within the next month. The bottom for this correction might be in place, but observing price action (PA) developments in the coming days is crucial.
Credible Crypto noted two charts with essential trend lines, adding that the upper one should hold as support while potentially catapulting BTC/USD higher. The trader expects that the sideways phase will complete within less than 30 days and the next move up to begin. The character of this forthcoming move could be “absolutely explosive.”
However, it’s important to note that this article does not contain investment advice or recommendations. Investing and trading entail risks, and readers should do their research before making any decisions.
Source: Cointelegraph
