Bitcoin Price Prepares For A Sweep Of $29,700 Again Before…

Bitcoin’s price is moving within a range indicating that some kind of stability has returned to the market. However, this may not be very long as long as BTC wants to sweep the lows in the macro timeframe and lower timeframes. Until these events occur, the chances of an uptrend are very low.

Prepare for Bitcoin price surge

The Bitcoin price on the 1-hour chart shows the formation of a range from $29,700 to $32,652. This development indicates that buyers and sellers are equally matched. Also, range-limited movements are easy to predict and trade.

Assets usually sweep one of the extremes and recover above/below that range. After a successful recovery, the asset targets the other extreme of its range for a sweep.

For Bitcoin price, the low range of $29,700 will be swept first, followed by a rally towards the high range of $32,652.

Therefore, interested scalpers can take advantage of the price movements coming in from BTC.

Source: TradingView, BTC/USDT 1-Hour Chart

Further supporting this uptrend is the higher time Bitcoin price movement of one day. BTC set two lower lows on January 22nd and May 11th, while the Relative Strength Index made higher lows to reveal the difference.

This technical formation is called bullish divergence and often leads to a surge in asset prices. As such, interested investors receive a double confirmation signal that the Bitcoin price is ready to rise rapidly.

BTCPERP 2022 05 11 17 14 37 74fe7

Source: TradingView, BTC/USDT 1 Day Chart

Tech experts are undoubtedly printing bullish signals, but these advances come at a time when markets and participants are filled with tremendous uncertainty and fear. To add to the problem, wallets holding between 10,000 and 100,000 BTC are also showing mixed signals.

From May 2nd to May 6th, these market participants bought dips and increased the number from 83 to 89. However, the number shrank to 84 over the next five days, suggesting that these investors were unsure of their purchase.

To make things interesting, the same investors bought the downtrend and returned it to its current status of 88.

Therefore, market participants who trade BTC need special attention due to the current situation in the cryptocurrency ecosystem.

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Source: Santiment

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