🕵️♂️ The price of #BTC has finally passed the $52 thousand mark. However, there are two looming big threats to the short-term price:
1. Genesis has received permission to sell 35 million GBC ($1.3 billion). On a similar scale, FTX once sold BTC worth > $1 billion, which presumably led to a drop in price from $49 thousand to $39 thousand in January;
2. The US government has filed a notice of sale of 2,875 BTC seized from Silk Road on January 25, 2024.
Currently, they remain one of the largest holders with 208 thousand BTC (~ $ 10.9 billion). The last time they allegedly sold 8.2 thousand BTC ($248 million) through Coinbase was in July 2023, which presumably led to a drop in price from $30.8 thousand to $ 30.2 thousand.
💰#BTC is appearing strong following the breakout of the major horizontal resistance, which will now serve as support. 👀
💬Monitoring the weekly candle close is crucial, and a solid candle close would further indicate bullish momentum. In the event of a correction, it is likely to retest the horizontal support.
❄️@signal_bitcoins❄️
❄️@Shadow_support0o❄️
💰#BTC is forming a bullish pennant chart pattern on a 1-hour timeframe, while the Ichimoku cloud indicates a bullish trend.💰
💬We need to wait for a solid breakout of the pennant to confirm the bullish momentum.
❄️@signal_bitcoins❄️
❄️@Shadow_support0o❄️
💰#BTC is appearing strong following the successful breakout of the triangle, accompanied by a bullish candle close. 👀
💬We can anticipate a continuation of the bullish momentum. In the event of a retracement, it is likely to retest the horizontal support level.
❄️@signal_bitcoins❄️
❄️@Shadow_support0o❄️
💰#BTC has formed a rising wedge on 2D timeframe. RSI is in the overbought region and displaying bearish divergence. ✔️
💬A rejection could be a possible scenario, while a solid breakout would be a bullish continuation sign.
❄️@signals_bitcoin_crypto❄️
❄️@Shadow_support0o❄️
💰#BTC continued its bullish move after breaking out of the triangle, accompanied by increasing volume. The RSI is in the overbought region.👀
💬With the volume remaining strong, we may witness a continuation of the bullish trend, or a retest of the triangle could be a plausible scenario.
❄️@signals_bitcoin_crypto❄️
❄️@Shadow_support0o❄️