- The market data points towards additional price growth for Bitcoin after NUPL goes beyond the 0.7 level.
- The price of Bitcoin will face support within the $30-40 thousand zone and face resistance along the $85-90 thousand range.
- Two technical indicators show conflicting signals because RSI hit 51.48 points toward neutral market conditions while MACD suggests the downtrend will weaken possibly leading to bullish reversal.
Bitcoin has shown a notable rise in value that reached $87,089.23 throughout its current market cycle. Recent market data confirms Bitcoin trading at $87,259.93 while NUPL chart previously displayed Bitcoin at $58,600 during its final recorded phase. According to current market patterns Bitcoin’s value is still below its expected peak level which indicates additional potential growth.
Source:CoinMarketCap
The history shows Bitcoin prices reach their peaks when NUPL meets or exceeds 0.7 levels during previous price cycles. Previous bullish cycles show a substantial growth of NUPL yet the metric has not surpassed its previous peak levels during the ongoing phase. Current market sentiment continues to be bullish and still has room for increased value.
Key Support and Resistance Levels
Bitcoin maintains robust historical backing that extends from $30,000 to $40,000 since these levels previously marked accumulation phases. Previous all-time highs near $69,000 have been surpassed, leading Bitcoin toward testing fresh resistance at $85,000 to $90,000.
The price appreciation of Bitcoin and NUPL metrics indicate a strong phase of market expansion currently determines market conditions. Future price increases for Bitcoin may continue according to historical patterns when the NUPL indicator surpasses the 0.6 or 0.7 threshold.
Both Bitcoin price movement and NUPL analysis point towards an unachieved market peak.The ongoing bullish momentum suggests further growth potential, though volatility remains a factor.
Bitcoin’s Neutral Indicators Signal Possible Trend Reversal
The Relative Strength Index is currently at 51.48 showing that Bitcoin is in a neutral position, neither overbought nor oversold.Given its current position near 50, the RSI implies market indecision, though its slight upward movement hints at potential stabilization or minor bullish recovery.
Source:TradingView
The relationship between MACD (835) and signal (-590) shows upward movement while the negative histogram (-1,424) indicates decreased negative momentum continues. The indicator shows Bitcoin in a downward trend but if the histogram continues to shrink, a potential bullish crossover may occur in the near future.
