. Bitcoin Update: Market News & Analysis - Capital Street FX

Bitcoin Update: Market News & Analysis

29 Feb 2024

The momentum of Bitcoin remains strong as it continues to surge at a rapid pace

FUNDAMENTAL OVERVIEW:

Bitcoin maintains a strong stance, trading just below its highest point in over three years on Thursday. The steep rally persists for the fourth consecutive day.

In recent sessions, Bitcoin emerged as a standout market performer, experiencing a remarkable 36% increase since Monday. The surge in demand was significantly driven by substantial purchases from prominent figures.

A new bullish signal emerged as the market closed above the psychological barrier of 60,000 on Wednesday. The strength of the recent rally is evident in the time it took to transition from one significant round figure to the next.

The ascent from 50,000 to 60,000 took a mere 2.5 weeks, in contrast to the 11-week rally from 40,000 to 50,000. February witnessed an extraordinary nearly 50% advance, marking a record monthly gain.

Nevertheless, there are early indications that the bullish momentum may be waning, as analyses on all larger timeframes indicate strong overbought conditions. Many market speculators might opt to secure profits following the extensive rally observed this week.

The price of Bitcoin (BTC) has surged beyond the $63,000 mark, and the bullish trend shows no signs of slowing down. The potential for further upward movement persists, as BTC sets its sights on reaching $65,000.

BITCOIN TECHNICAL ANALYSIS DAILY CHART:

Technical Overview:

Bitcoin is trading within an up channel.

Bitcoin is positioned above all the Moving Averages (SMA).

The Relative Strength Index (RSI) is in the Buying zone, while the Stochastic oscillator suggests a Positive trend.

Immediate Resistance level: 63649.43

Immediate support level: 60718.84

HOW TO TRADE BITCOIN

Bitcoin is presently experiencing an upward trend, firmly under the control of bullish forces. The current overbought signal from the Relative Strength Index (RSI) indicates a potential correction for Bitcoin before resuming its upward trajectory. This could present an opportunity for a strategic buy on the dip.

TRADE SUGGESTION- LIMIT BUY– 60016.30, TAKE PROFIT AT- 63671.01, SL AT- 58055.24.