Bitcoin Puell Multiple Index Hints At Buying Opportunity Above $58k. Time To Load Up?
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Bitcoin is trading at $58,190, down 1.20% in the last 24 hours, with a trading volume of $15.6 billion. Despite the recent dip, Bitcoin remains the top cryptocurrency with a market capitalization of $1.15 trillion.
As the Bitcoin Puell Multiple Index suggests a potential buying opportunity, investors are closely watching for signs that it might be time to load up.
On the technical front, Bitcoin is navigating within a downward channel, as depicted on the 2-hour chart. The price is currently battling resistance near the $59,420 level, which aligns closely with the 50-period Exponential Moving Average (EMA). This resistance is crucial; if Bitcoin fails to break above $59,420, it could encounter increased selling pressure, potentially driving the price lower.
The Relative Strength Index (RSI) hovers around 42.71, signalling a bearish momentum without reaching oversold conditions. This suggests that despite some downward pressure, Bitcoin could still see further declines before any significant reversal.
If Bitcoin continues to face resistance at $59,420, the market may witness a pullback towards the $57,724 support level, a key area that has previously acted as a strong safety net.
However, should Bitcoin manage to break above the $59,420 resistance, it could signal the end of the current downtrend, opening the door for a potential move towards the next resistance level at $60,794.
As Bitcoin’s adoption accelerates, the newly launched platform Crypto All-Stars is gaining significant traction.
With just over two days left in its
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