Bitcoin is currently trading around the $64,000 mark, and many are asking the same question: will it break $65,000 before Monday?
Current Bitcoin Price
At press time, Bitcoin is trading at approximately $64,139, down by a hair at 0.21%. The price action over the past few days shows a trend of higher highs and higher lows, which typically signals a bullish trend.
Technical Indicators
Bitcoin has been under consistent buying pressure. Its current price sits above the Ichimoku Cloud, signaling a bullish market sentiment. Additionally, the 50-day and 200-day simple moving averages (SMAs) are also below the current price, which is another bullish sign. These averages stand at $60,336.16 and $62,411.96, respectively. However, the presence of double top patterns with a risk-reward ratio of 16.12 could act as a hurdle for the $65,000 mark, potentially leading to a temporary pullback.
Trading Volume and Transactions
Currently, the On-Balance Volume (OBV) is at 23.379K. A rising OBV typically supports a price increase with solid trading volume. Recent weeks have shown significant transactions over $100,000—around $82 billion. Net inflows to exchanges have been positive, amounting to $252.97 million.
If these trends hold, Bitcoin might just have the fuel to cross the $65,000 mark. However, if trading volume dries up, the rally could lose steam. So, while the market leans bullish, it is not without its risks.
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