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Bitcoin (BTC) Bulls Pump Price Over $24K, Good Chance Of Rally To $27,000

Bitcoin

coingape.com 08 August 2022 12:24, UTC
  
Reading time: ~2 m

Bitcoin (BTC) price pumps over $24k as demand soars amid strong retail and institutional buying. The latest CFTC’s CME Bitcoin futures report and over 1 million addresses buying BTC led to a 5% rally in the last 24 hours, with most upside movement coming in just the last 3 hours.

Crypto analysts believe the massive demand will likely push the Bitcoin (BTC) price over $27,000 due to little or no resistance in range and support over 50-EMA.

Bitcoin (BTC) Bulls Pushing Price Towards $27,000

According to the CFTC’s latest CME Bitcoin futures weekly report, the total open interest dropped from 14,957 to 12,849. The institutional long positions are 9740 and the short positions are 10,321. It indicates that institutional long and short positions are balanced and the overall bias is bearish. However, the possibilities of entering at current levels are higher.

Meanwhile, large investors and retail investors are bullish on Bitcoin. Large investors have 1,085 long positions and 627 short positions, whereas retail investors have 1,085 long positions and 748 short positions.

Bitcoin is already above the $22.8k level, the key 200-weekly moving average. Also, the recent data shows BTC price trading stronger above the significant demand zone between $22,720 and $23,390. Almost 1.36 million addresses have added over 1 million BTC in the range.

BTC has a good chance of advancing to $27,000 as there is little or no resistance between the range.

Bitcoin (BTC) Demand Zone. IntoTheBlock

Crypto investor Lark Davis in a tweet suggests a bullish rally as it makes “another attempt to get, and stay, over the 50-day EMA.”

Bitcoin (BTC) Price Rally Above 50-MA. Source: Lark Davis

Crypto analysts Crypto Tony, Crypto Birb, and Rekt Capital believe bitcoin and altcoins are looking to breakout from the support levels. Bitcoin and Ethereum will lead the rally.

Crypto Investors Must Remain Cautious

The crypto market rally may be short-lived as most altcoins are under the 50-MA, which means a bear market rally. However, positive macro and technical conditions would likely bring bullish momentum to the market.

Bitcoin price is currently trading at $24,076, up over 5% in the last 24 hours. On the other hand, Ethereum’s (ETH) price is also trading strongly. Ethereum is trading at $1771, up 5% amid optimism surrounding the Merge.

The Bitcoin bulls pushing prices to $27,000 seems most likely.


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