The price of Bitcoin, defined as the father of cryptocurrencies, continues its run that began last year, marking one of the most significant year-end rallies in history.
This movement is manifested in the chart with a long series of bullish candles, which, recently, even seem to diverge from the trend of the American stock market, traditionally considered very correlated.
After passing the $45,000 barrier, a continuation of the trend appears theoretically possible.
Consequently, the question arises: will Bitcoin's run be limited in duration? Here are some important technical analyzes to consider Bitcoin continues its upward race alone Bitcoin is an extremely particular asset which, depending on the market phases, sometimes reflects other markets, while at other times, surprises everyone (positively and negatively ), regaining independence.
Currently, we are witnessing one of these moments of significant divergence that is attracting the attention of industry analysts: since the beginning of the year, while the US stock market has shown mild signs of contraction, the price of BTC/USD has continued its rise , breaking above the highs of $45,000, resisting selling pressure and closing a daily candle (1D) above that threshold.
This represents an important factor to consider, especially in light of recent stock market sessions, during which the dollar, represented by the DXY index, also began to recover from previous losses.
The price of gold also shows signs of weakness, which surprises investors, widening the scope of the observed technical anomaly.
In summary, Bitcoin is demonstrating unusual relative strength, continuing to rise while the US stock market undergoes corrections, the DXY shows a slight increase and gold loses ground.
Although this represents an observation limited to the latest stock market sessions, it constitutes an important point of reflection, especially if this trend were to continue in the next trading days and the trend, currently evident on a daily timeframe, were to extend to a longer time frame broad, like the weekly one.
What is happening on the decentralized market? Of course, this undoubtedly contributes to fueling a certain degree of euphoria, partly harmful for the crypto ecosystem, with the FEAR & GREED index in a greed position, at 74 points, headed towards an area of extreme avarice.
Likewise, the day of the long-awaited Halving is approaching, with less than 110 days to go.
Naturally, many wonder whether this exponential, and relatively independent, growth can have sufficient fuel to reach without extreme corrections the target prices identified by the various price prediction models, such as Stock to Flow, which identifies the level as the target price of $365,000 by the end of 2024 and the much discussed $1 million by mid-2025.
read also Halving Bitcoin 2024, what is it? Forecasts, complete guide
Investing After the Fed Rate Cut: A Strategic Approach With the imminent interest rate cut… Read More
Where is VAT Lowest in Europe? Value Added Tax (VAT) is a crucial source of… Read More
Introducing Meta AI on WhatsApp Since July 23, Meta AI, the artificial intelligence assistant created… Read More