With the most recent comeback, the price of bitcoin has been stabilizing. There is still a crucial level that the price has to break over in order to start a new bull market,
even though the short-term market structure has changed to be positive.
From: Edris The daily graph
The price has fluctuated under the $30K mark for the past 10 days, as seen on the daily chart. But, the candle for today is displaying encouraging upward momentum,
and in the following days, the price may eventually challenge the crucial $30K resistance level.
The likelihood of a fresh bull market would increase dramatically with a breach over the $30K level. Yet, a possible rejection from the aforementioned range might trigger a decline back into the $25K support region. Also, the RSI indicator is exhibiting strong bullish momentum but is getting near the overbought zone and must be constantly watched. The four-hour graph:
The 4-hour timeframe makes a bullish market structure quite evident. After rising sharply from the $20K region, the price has broken through many levels and is now at an all-time high. In this timeframe, the recent consolidation is also more obvious because the price has allegedly been forming a bullish flag that is presently being broken to the upside.
The market would be able to test the $30K region with a real breakout. At this timeframe, the RSI is also displaying a bullish signal since the oscillator has broken back above the 50% level, which is seen as good and indicates the current upward momentum. On-chain Evaluation
By: Edris Outflow of Bitcoin (Binance)
It could be helpful to examine the exchange and the behavior of its users in light of the most recent CFTC claims made against Binance and its CEO, CZ. This graph shows the exchange outflow (30-day moving average), which calculates the daily withdrawal of Bitcoin from Binance.
There have been two recent notable increases in outflows, with the first and largest one occurring at the development of the $17K low. From the beginning of March, there has been a second surge that is more intriguing to us. There are two explanations that might explain this tendency.
First off, some investors are anxious to withdraw their coins and put them in their own wallets because they believe a new bull market is approaching. The second explanation,
however, could be connected to the latest claims; some whales may have withdrawn their holdings out of prudence, fearing that Binance's situation could get worse.
Nonetheless, the price would rise over time as the supply steadily shrank, even though these crackdowns are often unfavorable for the cryptocurrency market in the near term.
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