Bitcoin price has experienced fluctuations in the past few days. However, several analytics and market data show indicate that a shift may be around the corner.
While investors and traders observe the phenomenon keenly, specific factors offer key readings.
TD Sequential Points to Buy Opportunity
Ali Martinez, a crypto analyst has noted a buy signal in Bitcoin on its 4-hour TD Sequential indicator.
This technical tool used to determine those levels where a reversal in the market sentiment is expected has triggered a possibility of an upswing in the bitcoin price after a recent downturn.
This indicator is closely monitored by traders who rely on technical patterns to make informed decisions about entry and exit points in the market.
Source: XThe TD Sequential showing a buy signal is very important because it is usually an initial signal for an upward movement of the prices.
If historical patterns hold, this could suggest that the current price levels may offer a strategic buying opportunity for those looking to invest in Bitcoin.
Binance Trading Sentiment Leans Bullish
Furthermore, data from Binance indicates Bitcoin futures traders with active positions currently have a bullish outlook as their positions stand at 60.94%.
The substantial number of traders with long positions demonstrates marketwide bullish expectations.
Market participant predictions and activities are best measured through such data which captures the unified actions of broad market segments.
Source: XBinance traders display optimistic expectations according to the 1.56 long-to-short ratio measured across the platform.
Short sellers are outnumbered by 1.56 times by buyers in the market which suggests a potential price surge based on continued market trends.
MACD Suggests Decreasing Bearish Momentum for Bitcoin Price
More so, an additional analysis of Bitcoin price potential recovery emerges through the Moving Average Convergence Divergence (MACD) indicator.
This momentum oscillator compares two moving averages of a security’s price to indicate the direction of the price movement.
Source: TradingViewThe MACD on Bitcoin appears to demonstrate weakening bearish pressure which indicates an upcoming slowdown of the current downtrend.
The histogram, which represents the difference between the MACD line and the signal line, is also reducing its negative values. This indicates a weakening of downward pressure.
Market Outlook and Forward-Looking Analysis
Hence, the broader market optimism stems from these indicators which indicate Bitcoin may experience a price shift.
Binance’s bullish trading sentiment combined with active signals from its TD Sequential along with MACD indicators creates the potential for a price recovery period.
Meanwhile, a recent analysis that supports the bullish outlook highlights the steady accumulation of buy positions, as reflected in the rising Open Interest and the strategic positioning above the $98,638 support level.
These factors collectively suggest potential upward movements towards the $120,000 target.
At press time, Bitcoin price is priced at $99,190.92, showing a 1-day decline of 2.73%. The market cap also fell by 2.72%.
Despite the recent drop, the analysis above reflects a bullish sentiment is on the horizon.
The post Is a Bitcoin Price Rebound on the Horizon? Analyst Weigh in appeared first on The Coin Republic.
