otal scenario after a golden cross formed on its 4-hour chart, with the 50-period moving average crossing above the 200-period moving average.
- Historical price action suggests Bitcoin may pull back to retest its 200-period MA at around $113,000 before resuming higher.
- Analysts predict potential targets of $112,424 and $116,923 if Bitcoin breaks out above the descending parallel channel.
📊 Market Outlook:
- Bitcoin is holding above its 50-day simple moving average of $114,626 and well above the 200-day SMA of $103,071, supporting the broader bullish trend.
- The 14-day relative strength index (RSI) at 56.98 signals balanced momentum, suggesting room for gains without immediate risk of reversal.
💸 Potential Price Movement:
- Bitcoin could dip to test the 200-period MA at around $113,000 before pushing toward new highs.
- A breakout above the descending parallel channel could lead to targets of $112,424 and $116,923.
👀 What's Driving Bitcoin's Price?
- Fed's rate cut is expected to boost speculation of looser financial conditions, increasing liquidity and risk appetite.
- Long-term holders are accumulating 800K BTC per month, signaling strong investor interest.
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