Bitcoin bull flag and standard profit taking hint at eventual rally to new BTC price highs

Key with you:

• Traders expect bitcoin prices to download at $ 90,000, but the bull flag could break free if the profit is approaching reach range.

• The chain data indicates that the current profit is too weak on extinguishing the current prices of bitcoins.

Bitcoin (BTC) The price spent most of the week glued below $ 104,000 to $ 105,000, which many analysts described as a resistance zone, but the alternative view indicates that BTC is simply consolidated within the bull flag.

The Bull’s flag is a continuation formula, which is characterized by a period of price action after a sharp UPTRED, and when the structure confirms or breaks from the resistance of the trend line, the uptrend continues.

While the trading part of the flag bound to the scope represents the indecision of buyers and sellers, in this scenario, the primary culprit is the absence of a bundle of purchase. As shown in TRDr.io The graph below was an explosive transfer of Bitcoins to $ 105,900 from $ 74,400 accompanied by large liquids on market margins and robust volumes of spots that coped with a few days of billions of BTC ETF.

During this three -day period several American and international companies also announced plans to buy Bitcoins and Establishment of the BTC cash register. The cumulative delta volume and futures, along with the metric of open interest in the chart, show traders selling near the highest range and absence of a new long lever effect and significantly large point positions in this area, while the bull flag support) see the offer filled on the point side.

The recent Bitcoin cooling phase is a normal result after almost 40% of the recovery, which began on April 8, and the loss of ascending momentum is also expected to result from Profit at the Futures market near the current extent.

Profit and loss data from Glassnode support this view, as shown in the graph below. Onchain’s data company emphasized the profit for short -term traders, but explained that it did not exceed the statistical standard, leaving space at the next price.

“Recently, the size of the sth has been realized that profit has increased to almost +3 standard deviations above the 90 -day average, reflecting a remarkable increase in profit implementation. In the past cycles, especially during the Assembly against ATH, this metric climbed to more than +5 standard deviations.

Related: Bitfinex Bitcoin Longs total 6.8 b, while shorts are $ 25 million – time to rally?

Bitcoin should try basic support before moving higher

With most obvious liquidity on the side of bitcoins absorbed during the transition to $ 105,000, some analysts warn that a short flush to test $ 100,000 to $ 90,000, because support could be the next step at the cost of BTC.

Material Indicators of Liquidity Bitcoins on the market saidWith the exception of the “serious catalyst” […] The BTC has a legitimate $ 100,000 support test and firecharts shows that the book book is handling it asking for stacking and offers are below. ”

Analyst Daan Crypto Trades shares his opinion with watching x said The fact that most bulls and bear stories with the potential to influence the Bitcoin price action “clarified” and noted that the BTC price stopped near its historical maximum, while the shares continued to gather after the President Trump’s commercial agreement was confirmed.

The analyst said “$ 90,000 remains my long -term line in the sand for a point exposure,” he adds that he is “cautiously bull” Price over $ 90,000 However, this depends on how American own markets work in the short term.

“I wouldn’t be surprised if I saw a short -term flush if the stocks were to be flipped and somewhere higher. Since most of the stocks were 30% to 50% in one month, it wouldn’t be so crazy.”

This article does not contain investment counseling or recommendations. Every investment and business step includes a risk and readers should do their own research in decision -making.