Bullish Scenario:

• If GRT breaks the descending trend with strong volume, an upward move could begin.
• The first target would be the bearish FVG zone.
• Holding above this level could signal further gains.

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Bearish Scenario:

• If GRT gets rejected at trend resistance, selling pressure may increase.
• The nearest support level is $0.08.
• Losing this support could push the price down to $0.07.

Key Support and Resistance Levels:

• Main Support: $0.08 – $0.07
• Main Resistance: Descending trendline and FVG zone

High volatility is expected for GRT, making it crucial for traders to monitor key levels closely.

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From this level, buying pressure emerged, pushing Bitcoin back up towards the trend resistance. However, strong selling pressure was observed at this level. Based on the current price action of Bitcoin, two main scenarios stand out:

Bullish Scenario:

• If Bitcoin manages to break the current trend resistance with high volume, the uptrend may continue.
• In this case, the first target for Bitcoin would be $86.000.
• A stronger move could push it towards a new all-time high.

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Bearish Scenario:

• If Bitcoin faces rejection at the trend resistance, a pullback is likely.
• In this case, the initial support level to watch would be $83.000.
• If selling pressure intensifies, Bitcoin could revisit $81.000.

Technical indicators suggest high volatility for Bitcoin, meaning that short-term price movements should be carefully monitored. Indicators like RSI, MACD, and volume analysis will be crucial in determining the direction of the next move.

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The post Bitcoin Technical Analysis: Will the Downtrend Be Broken? appeared first on Coin Engineer.

Bullish Sentiment Prevails Despite Sideways Market

Despite the current sideways market trend, analysts remain optimistic, projecting further gains for Bitcoin before the upcoming halving event. Historically, whales have played a significant role in influencing cryptocurrency trends, especially during pivotal periods in bull cycles.

Strategic Purchase after Price Correction

The recent price correction for Bitcoin, following its surge past $70,000, may have triggered renewed bullish activity in anticipation of a future rise. As of this writing, Bitcoin trades at $68,063, reflecting a modest 0.4% increase over the past 24 hours. Crypto commentator MartyParty, writing on platform X (formerly Twitter), highlighted the whale’s strategic purchase at the price dip, followed by the transfer of assets out of the centralized exchange, OKX.

Whale Activity Signals Long-Term Holding

MartyParty’s tweet reads: “Whale movements: 30 min ago 15,745 Bitcoin was bought at $68079 and moved off @okx – worth $1.06b. A whale bought the dip right before the bounce. Wallet: bc1qa87h3yv648nmngfjplskkcq238q7xz4g00575r.” This asset movement out of a centralized exchange suggests a long-term holding strategy by the whale. Conversely, transfers to exchanges often indicate selling pressure, as exchanges facilitate easy Bitcoin sales compared to other custodians used for long-term storage.

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