Bitcoin (BTC) Bulls Pump Price Above $24K, Good Chance of Rally to $27,000
Bitcoin (BTC) price pumps above $24,000 as demand rises amid strong retail and institutional buying. The latest CFTC’s CME Bitcoin futures report and over 1 million addresses buying BTC led to a 5% rally in the last 24 hours, with most of the upside movement just in the last 3 hours.
Crypto analysts believe that the massive demand is likely to push the Bitcoin (BTC) price above $27,000 due to little or no range resistance and support above the 50-EMA.
Bitcoin (BTC) Bulls are pushing the price towards $27,000
According to the CFTC’s latest weekly CME Bitcoin futures report, total open interest fell from 14,957 to 12,849. The institutional long positions are 9,740 and the short positions are 10,321. This indicates that institutional long and short positions are balanced and the overall the bias is bearish. However, the possibilities of entering at today’s level are higher.
Meanwhile, large and retail investors are bullish on Bitcoin. Large investors have 1,085 long positions and 627 short positions, while private investors have 1,085 long positions and 748 short positions.
Bitcoin is already above the $22.8k level, the key 200 weekly moving average. The latest data also shows BTC price trading stronger above the significant demand zone between $22,720 and $23,390. Almost 1.36 million addresses have added over 1 million BTC to the area.
BTC has a good chance to advance to $27,000 as there is little or no resistance between the ranges.
Crypto investor Lark Davis in a tweet suggesting a bullish rally as it makes “another attempt to get, and hold, above the 50-day EMA.”
Cryptanalysts Crypto Tony, Crypto Birb and Rekt Capital believe bitcoin and altcoins are looking to break out of support levels. Bitcoin and Ethereum will lead the rally.
Crypto investors need to be careful
The crypto market rally may be short-lived as most altcoins are below the 50-MA, which means a bear market rally. However, positive macro and technical conditions are likely to bring bullish momentum to the market.
Bitcoin price is currently trading at $24,076, up over 5% in the last 24 hours. On the other hand, Ethereum’s (ETH) rate is also trading strongly. Ethereum trades at $1,771, up 5% amid optimism surrounding the merger.
The Bitcoin bulls pushing prices to $27,000 seem most likely.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
