Bitcoin Bull Flag and Standard Profit Taking Hint at Finally Rally at New BTC Price Highs

Key Takeaways:

• Businessmen expect a Bitcoin price pulse to $ 90,000, but a bull flag can break into new highs if the income gains near the range of highs is reduced.

• On-chain data suggests the current income extraction is too vulnerable to killing the current Bitcoin price momentum.

Bitcoin (Btc) Spent the price most of the week pined below $ 104,000 to $ 105,000, which many analysts labeled as a resisting zone, but an alternative view suggests that BTC is simply integrating within a bull flag.

A bull flag is a continuation pattern characterized by a time of sideways price action following a sharp climb, and when the structure is confirmed or damaged from the resistance of the trend, the revolution continues.

While part of the flag -bound trade is said to represent anesthesia from buyers and sellers, in this situation, the lack of purchase is the main culprit. As shown in Trdr.io The chart below, the explosive transfer of Bitcoin to $ 105,900 from $ 74,400 is accompanied by large prevention in margin markets and stable volume of area, aligned with several days of billion-dollar area BTC ETF inflows.

During these three weeks, many US -based companies and international also announced plans to buy Bitcoin and Promote BTC Treasury. The area and futures of the combined volume of delta, along with the open measure of interest in the chart show entrepreneurs who sell near the ranges and the absence of new long action and significant size of places of area opening in this area, while low drops (bull flag support) see bids filled in the area, Longs.

Bitcoin’s recent cool-down phase is a normal outcome after the near 40% recovery began on April 8, and the loss of upward momentum resulting from earning revenue in the futures market near the current high range is also expected.

The Bitcoin Short-Term Holder Supply Profit and Loss Data from Glassnode supports this view, as shown in the chart below. The Onchain data company has highlighted income acquisition for short-term entrepreneurs but explained that it does not exceed the statistical standard, leaving the room for additional prices.

“Recently, STH’s greatness realized that income has intensified nearly +3 common deviations above the 90-day average, reflecting a well-known revolution in realizing income. In previous cycles, especially during rallies to ATH, this measure has historically climbed to more than +5 common deviations more. to the overwhelming demand of Inflow. ”

Related: Bitfinex Bitcoin wants a total of $ 6.8B while the shorts stand for $ 25m – time for BTC to rally?

Bitcoin should try the underlying support before moving higher

With most of the apparent sale of Bitcoin that observed during the move to $ 105,000, some analysts warned that a brief collapse to try $ 100,000 to $ 90,000 as support could be the next move for BTC prices.

Bitcoin Market Liquidity resource indicators are material indicators Says.

Sharing his outlook with X followers, Analyst Daan Crypto Trades Says That most of the bullish and bearish narratives with the potential to affect Bitcoin price action are “cleared” and he noted that the BTC price stops near all this time as stocks continue to rally after confirmed US-China’s trading deal.

The analyst said “$ 90k remains my long -term sand line for exposure to place,” adding that he is “careful bullish” Price above $ 90,000 But it depends on how US equity markets perform in the short term.

“I’m not surprised to see a short-term flush if stocks roll over and make a higher low area. Considering that most stocks move 30% to 50% a month, it’s not crazy either.”

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.