Bitcoin analysis: BTC close to a new ATH
Bitcoin’s price action on Tuesday again climbed to the upside and made a session high of $64,608 and finished the day less than 1% away from a new all-time high.
The 1D BTC chart below from dipl_ing shows bitcoin with one last overhead resistance before the new primary targets for bulls become $76,716 and $87,189.
For bears to have any chance at avoiding complete capitulation to bitcoin bulls at this point, bears will need to send the price back below $60k and inevitably outside of a longtime rising wedge to the downside and sub $50k.
With the BITO ETF launch on Tuesday doing the second most volume in ETF launch history, the writing may be on the wall that the next few months could be setting up for an increasing amount of new interest in the bitcoin market.
The BTCD 1D chart is also back above its 200 Day Moving Average for the first time since February.
The Fear and Greed Index is 82 Extreme Greed and +7 from Tuesday’s reading of 75 Greed.
BTC’s 24 hour price range is $61,704-$64,608 and its 7 day price range is $54,767-$64,608. Bitcoin’s 52 week price range is $11,925-$64,804.
Bitcoin’s price on this date last year was $11,908.
The average BTC price over the last 30 days is $51,284.
Bitcoin’s daily candle closed on Tuesday worth $64,327 and at its highest level in history. The world’s number 1 digital asset finished in green digits and +3.55% for the day.
Ether’s price continues to trade in a tight range between $3,5k-$4k. While BTC dominance continues to usurp market dominance, Ether is holding its ground and could be consolidating before a massive move given the macro market climate stays positive.
Traders can see just how tight of a range Ether’s been trading in over the last 5 days on the 4hr ETH / USD chart below.
The chart from Signal_Centre1 shows profit taking levels overhead in the short term for traders at $3,963 and $4,022.
For Ether bears to have their way and ruin a great consolidation phase for Ether that could provide a larger tick to the upside, they’ll want to break this wedge to the downside and below the $3,720 level. A secondary target below for ETH bears is $3,640.
ETH’s 24 hour price range is $3,751-$3,898 and its 7 day price range is $3,438-$3,959. Ether’s 52 week price range is $368.56-$4,352.11.
Ether’s price on this date last year was $368.23.
The average Ether price for the last 30 days is $3,376.15.
Ether [+3.44%] closed its daily candle on Tuesday worth $3,876.71 and back in green figures after finishing in red figures on Monday.
MATIC’s price has been rallying over the last few weeks and is approaching a critical level of inflection on its 1D chart pictured below from Amuneeb.
Price targets overhead for bulls if they can break this level of inflection at $1.64 are $1.88, $2.09, $2.33, $2.54, and $2.97.
Conversely, MATIC bears are hoping to send its price back to the bottom of its current structure and test a longtime trendline at $1.15. If bears were again to regain momentum to the downside and break that trendline the next real support resistance is at $.73 for Polygon bulls.
MATIC’s 24 hour price range is $1.44-$1.53 and its 7 day price range is $1.20-$1.62. Polygon’s 52 week price range is $.015-$2.62.
MATIC’S price on this date last year was $.015.
The average Polygon price for the last 30 days is $1.26.
MATIC [-0.62%] closed its daily candle on Tuesday worth $1.47 and in red digits.