After hovering beneath $30,000 for most of the week, Bitcoin noted a steady bullish divergence during Sunday’s late sessions. While publishing this content, BTC traded at $30,167.58, gaining 2.89% within the last 24 hours. Maintaining beyond the crucial hurdle of $30K is critical for near-term upticks.
Renowned cryptocurrency analyst Lark Davis stated that BTC presented a massive bullish divergence, a case never seen in the past year. Can that mean a colossal upside rally in the making?
Davis added that there’s hope following dominant bearishness regardless of the pessimistic readings from the global macro formation. It remains fascinating to see whether BTC might overturn this hurdle into reliable support. Historically, $30K has been a crucial support barrier for the bellwether cryptocurrency.
Considering lower lows and lower highs by the trend-line, Davis believes the world’s leading crypto might experience a relief upsurge towards $37K. Thought would mean Bitcoin approaching the 200-day MA. Nevertheless, that might translate to BTC’s price falling towards the $22K lows before a significant upside breakout.
BTC On-Chain Metrics
Bitcoin’s on-chain indexes still present fundamental strength. BTC addresses with over 1 BTC hit new ATHs, nearing the one million mark. Meanwhile, whales have indulged in bottom fishing as the BTC Fear & Greed Index remained within the extreme fear region. According to Glassnode data, BTC whale addressed within over 10,000 BTC rose amidst latest market fall.
That confirms exit by weak hands while handing their assets to whale investors. One caution is the increase in BTC exchange supply. Nevertheless, that has been the issue with every bear cycle. As investors have suffered enough, bullish reversals might be healthy.
Bitcoin’s 24hr uptrends triggered upside reactions in the overall crypto spectrum. Nearly all assets in the top 100 crypto-list presented gains on Monday. The market appears prepared to annul the bearish regime. Nevertheless, market players need to act with care as Bitcoin bears have dragged the token beneath $30K several times after upsurges. The global crypto market value gained 3.44% within the past day, standing at $1.30 trillion.
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