Bitcoin Buyers Give Bears No Room for Maneuver
Bitcoin (BTC) held steady near $38,000 as traders remained optimistic about the BTC price. Despite a typically flat weekend for Bitcoin, with low volatility and volume, buyers were absorbing any sell volumes near the recent highs. Open interest on derivatives markets remained low and spot demand stayed steady, setting the stage for a potential move higher.
BTC Price Prints Key Ichimoku Setup
Market commentator Titan of Crypto analyzed Bitcoin's weekly chart using the Ichimoku Cloud indicator and identified a clean breakout of its key components. The lagging span, Chikou, was above price and at the top of the Kumo Cloud, indicating a promising uptrend. With Tenkan-sen and Kijun-sen also showing an uptrend, the overall picture looked highly promising for further upside.
This article does not contain investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.
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