5 hours ago
The signals at 20 million BTC mined
As Bitcoin surpasses 20 million coins mined, the market is beginning to feel the effects of tightening supply. Renewed inflows into Bitcoin ETFs, alongside ongoing investor interest in Gold, suggest capital may be rotating back toward crypto.Technically, BTC shows early signs of bullish momentum. On the weekly chart, price action suggests a potential bottom has formed. Momentum indicators – the Relative Strength Index (RSI) and Stochastic Oscillator- are rising from oversold territory, while the MACD histogram, a trend-following momentum indicator, is trending higher toward zero, signaling fading downside pressure.
On the daily chart, price is advancing toward the upper Bollinger Band, a volatility indicator, with the 50-day SMA, a trend indicator, nearby. The RSI remains neutral but trending upward, Stochastic signal lines move toward overbought, and the MACD histogram remains positive, together reinforcing a short-term bullish bias.
Key levels to watch include support at $68,500, with deeper support at $66,500 if the market pulls back. On the upside, $71,000 is immediate resistance, followed by $73,000–$74,000, where selling pressure may intensify.
Read CloseOption Broker Review (10$ No Deposit Bonus)