#Bitcoin❗ price is holding above key moving averages, especially the 50 EMA, which continues to act as dynamic support. Additionally, the gradual steepening of the EMAs indicates a robust trend and sets the stage for further gains if bullish sentiment persists.
However, RSI is in overbought zone and recent trading volume has been declining, which could lead to a pullback. A return to the $95,000-$96,000 range remains consistent with the strong uptrend.
The long-term bullish momentum is supported by institutional interest and inflation concerns.
- Bitcoin #ETFs. have seen massive inflows of $2.5 billion in 4 days. - #MicroStrategy has continued to buy 21,550 $BTC for $2.1 billion. - South Korea’s Democratic Party agreed to delay crypto tax by 2 years.
With financial conditions loosen and total U.S. debt hits a record $36.17 trillion #Bitcoin is well-positioned to thrive due to its superior ability to absorb liquidity compared to the dollar.
🔥#Bitcoin SOPR just had a golden cross, with the 30-day MA crossing above the 365-day.
This is a #bullish signal, and with new capital expected to flow into the market in the end of 2024 to the first quarter of 2025. Looking at a new ATH!