Bitcoin just shot past $69,000 and stayed there for a few minutes. At press time, it had softened down to $68,764.
The surge is backed by the 50-hour and 200-hour moving averages at $66,951 and $68,075. These averages serve as key support levels, holding the price steady above $69,000.
The Bollinger Bands show the price pushing the upper band, hinting at overbought conditions but also strong upward momentum.
Bitcoin bulls stay strong
Bitcoin’s On-Balance Volume oscillator shows stable accumulation. This means there’s steady buying interest, which helps in maintaining the price level.
The MACD histogram and signal lines also show a positive divergence. The histogram’s positive values and the widening gap between the MACD and signal lines point to growing buying momentum.
CryptoQuant’s On-chain Trader Realized Price and Profit/Loss Margin chart shows that BTC’s realized price has stayed above $65,000. With the current market price higher, many investors are in profit.
Analyzing the realized price by age band, it’s clear that coins held for 1 to 3 months are below the current market value. This means recent buyers are in profit, which usually acts as a support level in bullish markets.
This further strengthens the current market structure and suggests that BTC would continue to rise, especially as it gets close to the psychological $70,000 mark. CryptoQuant said:
“Bitcoin traders would only realize losses from selling. Their margins are -17%, the most negative since November 2022, short after the FTX collapse.”
Bitcoin’s price rise also ties in with changes in exchange reserves. There have been massive withdrawals from exchanges, dropping from around 2.76 million BTC to 2.72 million BTC.
This drop in exchange reserves often signals a change towards holding rather than trading, which can reduce the available supply and push the price up. The behavior typically reflects bullish sentiment. All in all, Bitcoin looks primed to have a great week.