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The crypto market saw increased trading volume during US hours as Bitcoin's (BTC) price broke above a declining trendline. Is the crypto market's rebound confirmed, or is it a false breakout?
Bitcoin Price Breakout
The Bitcoin price increased by over 2% in an hour as traders reinvested in the cryptocurrency after chart patterns suggested a breakout above the trendline. The Bitcoin price rose from $60,630 to $62,585 in a few hours on Thursday after a 3-day falling trendline was broken in a shorter span, as per Coingape.
The Bollinger bands indicator displays an increase in trade activity as the bands broaden. BTC price now passes over the 20-day moving average, confirming a robust price rebound.
Within the lower time range, the Ichimoku Cloud shows that the trend has reversed for bullish momentum. In addition, the basic support is broken to indicate a recovery. Traders should search for confirmation in a longer timeframe for a huge increase in Bitcoin price.
Bitcoin's price has risen above the cloud, which is likewise green, predicting optimistic BTC price activity in the next few days. Bitcoin must break above $66K and $70K before rallying to a new all-time high. Furthermore, Bitcoin's price breakout sparked a larger market recovery, with ETH, SOL, XRP, TON, DOGE, ADA, SHIB, and other altcoins rising within hours.
Whales Purchased the Dip
This could be the ultimate collapse in BTC prices since whales amassed about $950 million in BTC just a day ago. Whales generally buy at the bottom and initiate a cryptocurrency surge.
CoinGape said that wallets holding 1k-10k BTC have accumulated over 15,000 BTC worth about $941 million, suggesting trust in BTC whales despite the price decrease to $62,000. Whale accumulation is key to maintaining a bullish outlook for a cryptocurrency or the entire crypto market.
Meanwhile, the US dollar index (DXY) fell to 105.25 today after rising for three days. Moreover, the US 10-year Treasury yield (US10Y) decreased today. The drop has contributed to its rise as Bitcoin swings in the opposite direction of the DXY and Treasury yields. Traders are waiting for fresh comments from Fed officials on market direction and the economic outlook.
Short Positions Are Liquidated
CoinGlass data shows that approximately 61k dealers were liquidated in the last 24 hours. The greatest single liquidation order occurred on the cryptocurrency exchange Binance, where someone traded BTCUSDT worth $965.08K. This suggests that traders remain cautious despite a large decline in trading volume.
More than $142 million was liquidated in the cryptocurrency market in the last 24 hours, with a spike in short position liquidation in the final 4 hours.
Photo: Microsoft Bing
