- BTC secured a massive closing beyond the short-term EMAs, printing a bullish bias.
- BTC’s exchange inflows highlighted downtrends.
Bitcoin’s latest rally placed the leading cryptocurrency beyond its 20 Exponential Moving Average and the 50-EMA. That saw the BTC confirming a short-term buying superiority. Remember, the asset has recorded consistent gains since it flipped the longer-term trend-line resistance to the footing.
Nevertheless, the latest secured buying momentum experienced a bearish attack around the resistance at $20.8K. Meanwhile, buyers can maintain dominance in the upcoming days as the 20-50 Exponential Moving Average remains northbound. While publishing this post, Bitcoin changed hands at $20,777.58, gaining 2.77% within the past day.
Can BTC Overcome the Nearest Resistance Zone?
While publishing this blog, Bitcoin secured a decisive closing beyond the 20-50 Exponential Moving Average. That saw bulls dedicated to challenging the shackles of the barrier at $20.8K. Remember, overcoming this obstacle would translate to extended bullishness in the upcoming sessions.
The RSI (Relative Strength Index) saw ab upside, staring at the overbought territory during this publication. Meanwhile, the CMF’s (Chaikin Money Flow) lower highs suggested a potential bearish divergence with BTC’s price. A drop beneath the zero level might cancel the bullish tendencies.
Exchange Inflows Decline
The last six weeks have experienced consistent exchange inflows plummets. That came after the metric hit its record high in September. That suggested heightened investor sentiment while indicating accumulation signals. Nevertheless, the targets would stay as mentioned above.
Furthermore, traders/investors should watch the macroeconomic elements affecting the overall financial sentiment. That can translate to profitable bets. Bitcoin spent most of September-October sessions beneath the $20,000 mark.
However, the latest sessions saw the crypto overcoming the obstacle. That came after signals that the Fed might reduce the rate hike pace in the upcoming months. Bitcoin has tracked risk products like the NASDAQ 100 over the past few months as the Fed battled escalated inflation.
The altcoin market followed Bitcoin’s upsides, recording impressive gains over the last few sessions. Time will reveal what the market will present in the upcoming times. Experts believe the marketplace will see bullishness in the longer term.