Bitcoin’s ongoing bull run could continue after a key technical indicator flashed a bullish signal over the weekend after the price of the flagship cryptocurrency broke through a resistance level.
According to a note sent to clients, Katie Stockton, founder of Fairlead Strategies, said that Bitcoin definitively surpassed the resistance level of $48,600, marking “an intermediate-term bullish development on its chart.”
Bitcoin climbed over 40% over the past month to now trade at $61,100, its highest level since November 2021. Year-to-date, the cryptocurrency is up 44%, and it has gained 160% over the past year.
According to Stockton, short-term technical indicators suggest a period of consolidation could be coming over the next few days, before BTC’s price keeps on surging to test a “final” resistance level at $64,900, according to Markets Insider.
In a previous note, Stockton said BTC has positive momentum, adding the firm’s “trend-following indicators show positive long-term momentum for Bitcoin, and there are no signs of overbought conditions on the monthly chart, indicating no imminent sell signals.”
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Several factors have recently contributed to the rise in Bitcoin’s price, including the launch of several spot Bitcoin exchange-traded funds (ETFs) last month, which have already attracted billions of dollars in investments.
As CryptoGlobe reported, Bitcoin’s price has extended its winning streak to five days on Wednesday, putting the world’s largest cryptocurrency on track for its strongest monthly performance since October 2021.
Analysts attribute the recent rally to the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States in early January. These instruments have fueled a buying frenzy, that has overshadowed concerns about the Federal Reserve potentially maintaining higher interest rates for an extended period.
These ETFs have so far seen net inflows of over $6 billion after seeing more than $520 million of net inflows over the past day, as demand for the flagship cryptocurrency seemingly keeps on growing.
The flagship cryptocurrency has also been seeing its price rise ahead of its upcoming halving event, which will reduce the coinbase reward miners receive per block found from 6.25 BTC to 3.125 BTC, further adding pressure to the available supply.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/02/bitcoin-btc-bull-run-seen-continuing-after-key-technical-signal-analyst-says/
