Fueling the Fire

Crypto Compass 69

“In the short run, the market is a voting machine. In the long run, it is a weighing machine.” - Benjamin Graham

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• Over the last week BTC has been quiet, settling around $35k, with altcoins leading the crypto market rally over the weekend. Despite minor price fluctuations, a 16% rise in trading activity indicates strong buying demand, paving the way for continuing stability and potential price gains.

• Key levels to watch include $34.314k, $34,714k, and $35,119k. These levels reflect the pricing range's low, mid, and high points. As long as BTC has a positive short-term momentum, it may continue to swap gears until it reaches the psychologically crucial milestone of $40k.

Figure 1: BTC’s Price Evolution with Cipher B, RSI and ATR indicators.

• BTC market demand has surpassed market supply, confirming the strong positive momentum. In a single day, over 700,000 new BTC addresses were added. This expansion of the bitcoin network is often regarded as one of the most dependable indications for price forecasting.

• Because there are fewer BTC coins available right now, purchasers may have to raise their bids to get their orders filled fast. This could unwittingly boost the BTC price above $40k soon.

Figure 2: