Bitcoin’s exchange inflows could make an important revelation about BTC’s next rally

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

The last seven months’ decline entailed a solid trendline resistance (white, dashed) that the buyers recently flipped to support. The king coin exhibited its inclinations to rebound from its high liquidity range near the $19.1K mark.

Bitcoin [BTC] took a rather sideways track post an expected breakdown from its ascending channel over the past week.

Here’s AMBCrypto’s price prediction for Bitcoin [BTC] for 2023-24

The recently found buying pressure has aided the bulls in toppling the 20 EMA (red) barrier. With the 50 EMA (cyan) and the $19.8K resistance colliding to pose further hurdles, the buyers were yet to prove their mettle.

At press time, BTC was trading at $19,607.84, up by 1.83% in the last 24 hours.

Source: TradingView, BTC/USDT

At the time of writing, BTC found a convincing rebound from its POC. In doing so, the bulls strived to challenge the limitations of the $19.5K-$19.8K range. Should the buyers breach this range, the coin could see a near-term revival above the near-term EMAs in the coming sessions.

In this case, the first major resistance range for BTC would lie in the $20.3k-$20.8k range.

Nonetheless, the coin has been in a slow-moving phase for over two weeks. Any reversals from the 50 EMA could extend the compression phase near the POC zone.

Any immediate pulls could likely find reliable rebounding grounds from the newly flipped trendline support. A decline below this level would seek to invalidate near-term bullish inclinations.

The Relative Strength Index (RSI) marked a slight growth before plateauing near the midline. A robust close above the 50-mark would highlight a shift in