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Bitcoin is still trying to regain bullish momentum in the short term, as evidenced by his price action in the last 24 hours. After Shortly slip under $ 104,500The cryptocurrency bounced back to act above $ 106,000, and Technical analysis now shows A technical formation that can cause the start of a more extensive rally.
Interesting is that, as seen in the daily Ichimoku card that is shared by Analyst Titan of Crypto, Bitcoin is currently about to confirm a Golden Cross that a bullish signal is within the coming days.
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Ichimoku Cloud builds Case for Bullish Breakout
To the social media platform X, crypto analyst Titan from Crypto emphasized the recent daily prize nearby Above the Tenkan line as a strong technical signal for Bitcoin. The Tenkan, also known as the conversion line, is an intriguing indicator for the short-term trend strength in Ichimoku analysis. According to the analyst, the current arrangement on the daily graph of Bitcoin shows the conditions that coordinate on a Golden Cross where the average of the shorter term catches the longer term, which is a potential long -term bullish shift. This crossover would, if confirmed, be one of the most reliable trend-in-terms patterns in technical trade.
Bitcoin’s price action currently consolidates around $ 105,000. However, if this Golden Cross plays well, Bitcoin could try another run to the most important resistance level around $ 111,600. Current geopolitical instability, especially the rising tensions in the middle -old, could disrupt this technical image at any time and cause a reassessment of the bullish outlook.
Support and whale activity collision with Bullish Setup
Despite the bullish technical background, other market signals are flashy warnings for Bitcoin. Especially analyst Ali Martinez identified $ 104,124 as An important level of support for Bitcoin. This price is not only random because it represents a heavy concentration of UTXO realized prices.
Many investors have bought at that level, and if Bitcoin falls under it, the following likely destination can be $ 97,405. The URPD graph confirms that the safety net between $ 104,000 and $ 97,000 is somewhat thin. This means that as soon as $ 104,000 has been violated, A quick and steep correction could follow Due to the lack of strong purchase interest in that gap.
Furthermore, complicating the image is the behavior of large Bitcoin holders. Data on the chains shows that some of the largest whales, addresses with more than 1,000 BTC, have started to reduce their participations in recent days. This decrease in the whale wallet initially started shortly after Bitcoin reached his new highest highlight of $ 111,800 on 22 May. The reduction of whalevisting was resumed after Bitcoin was rejected at the $ 110,000 region At the start of last week.
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As such, whale addresses with more than 1,000 BTC have fallen from a recent peak of 2,114 to a recent lecture of 2,094 addresses. At the time of writing, Bitcoin acts at $ 105.505.
Featured image of Unsplash, graph of TradingView