What to know:
- Bitcoin is trading at $62,502 and up 1.26% in 24 hours with $25.47 billion of daily trading volume.
- TD Sequential, RSI divergence, and SuperTrend signal that Bitcoin price may be on course towards hitting the target of $65,400.
- CryptoQuant’s realized profit/loss ratio fell to -0.35, its lowest in 43 months, historically signaling market bottoms.
Bitcoin price is showing several technical and on-chain signals that suggest selling pressure may be easing, with analysts pointing to historical patterns that have often appeared before major price recoveries.
Bitcoin (BTC) is trading at $62,502, recording gains of 1.26% over the last 24 hours. Additionally, its daily trading volume stands at $25.47 billion while its market capitalization is $1.25 trillion with a market dominance of 57.99%.
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Bitcoin Price Technical Indicators Turn Bullish as $65,400 Target Emerges
Bitcoin Price technical analyst Ali Martinez highlighted that BTC’s 12-hour chart is displaying a very rare combination of three bullish technical signals.
The Tom DeMark (TD) Sequential is giving out a buy signal, suggesting that the recent BTC sell-off may finally be losing steam. Simultaneously, the Relative Strength Index (RSI) shows a bullish divergence where the price continues to move downwards while the momentum starts getting stronger. This technical pattern is quite common before a price rebound.
In addition, the SuperTrend indicator has switched to a bullish reading, indicating that the broader short-term trend could be changing direction.
If these signals receive confirmation through sustained spot buying volume, BTC’s next upside target could be around $65,400, which also aligns with a key TD Sequential resistance trendline.
CryptoQuant Data Suggests Capitulation May Be Near an End
Beyond technical charts, blockchain analytics platform CryptoQuant has identified another encouraging development for Bitcoin Price. The firm noted that Bitcoin Price’s realized profit/loss ratio has dropped to -0.35, reaching its lowest level in 43 months.
Furthermore, CryptoQuant noted that in all those instances, this indicator closely signaled a long-term market bottom before BTC’s price recovery.
Bitcoin Price Eyes Critical Resistance Breakout
Multiple bullish technical indicators and historically important on-chain signals increase the chances of recovering the Bitcoin Price. Though no indicator guarantees the turnaround of the price trend, multiple signals in one direction definitely attract the attention of the market participants.
In case BTC manages to break above nearby resistance with consistent buying volume, analysts will pay close attention to the $65,400 target. Failing to preserve the current support level, however, can delay the recovery of the Bitcoin Price and leave it in the ongoing range.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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