Wednesday was another day in the 4,569 days of uninterrupted success that the Bitcoin network has experienced.
Bitcoin’s price is at an extremely important level for traders and a potential bull run to end 2021 could be determined in the following weeks.
The price of BTC is hovering around $ 33.3k at the time of writing and has experienced some of the lowest levels of volatility in quite some time in recent weeks. Is it the calm before the storm?
The index of Fear and Greed Bitcoin which measures the sentiment of the community around the first digital asset in the world is 20 and a decrease of 8 points compared to Tuesday.
BTC has returned to the Extreme Fear region after spending a short time in the Fear region of this index.
The following analysis by VincePrince shows his belief that BTC will confirm a breakout of the symmetrical triangle it is still in on the 12-hour chart. If BTC manages to break out of the trendline and close above it on a significant time scale, it may be time to leave this upward range.
This is a rosy sight for bulls, but bears won’t give up that easily. If the bears can push the price below $ 33k again, then the next target will be below $ 30k.
BTC’s 24-hour range is $ 33,099- $ 35,091 and Bitcoin’s 52-week range is $ 9,092- $ 64,374.
Wednesday’s close of the BTC candle of $ 33,886 [- .74%] is still within the range it has been trading in for more than a week and BTC’s dominance is 42.7% at the time of writing.
Binance Coin appears to be making progress and has seen green figures in the past week. BNB is + 15.25% for the last 7 days at the time of writing and the negative momentum on the monthly time scale is starting to decline [-12.15%].
BNB is + 441% over the past 12 months against BTC and + 105% against ETH over the same time frame.
The chart below shows the 3 short-term goals bulls will set their sights on if the macro price action remains positive.
Hamidkhalkhali points out that $ 400, $ 450, $ 500 are the short-term targets for bulls to the upside. Failing to stay above $ 251 could mean a return to the bottom of the current $ 200 range.
BNB’s 24-hour range is $ 317.13- $ 340 and its 52-week range is $ 16.59- $ 684.83.
Binance Coin closed the daily candle on Wednesday with a value of $ 327.67 [+ 3.44%].