{"id":649549,"date":"2024-10-24T08:30:57","date_gmt":"2024-10-24T08:30:57","guid":{"rendered":"https:\/\/www.wncen.com\/?p=649549"},"modified":"2024-10-23T18:16:42","modified_gmt":"2024-10-23T18:16:42","slug":"bitcoin-current-decline-could-be-temporary-key-signs-of-a-rally-revealed","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-current-decline-could-be-temporary-key-signs-of-a-rally-revealed\/","title":{"rendered":"Bitcoin\u2019s Current Decline Could Be Temporary\u2014Key Signs of A Rally Revealed"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Bitcoin (BTC) has seen a slight price decline recently, but according to a new <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/671915d178ed6c234d5830e8-BTC-short-term-uptrend-potential-as-seen-from-Coinbase-Premium\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a>, there could still be signs of a potential short-term uptrend.<\/p>\n<p data-pm-slice=\"1 1 []\">A CryptoQuant analyst, Yonsei Dent, shared his insights on the CryptoQuant QuickTake platform, focusing on the Coinbase Premium Index and its <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-price-headed-for-35720\/\" target=\"_blank\" rel=\"noopener \">impact on Bitcoin\u2019s price movement<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-price-headed-for-35720\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Headed For $35,720? Why Muted Volume Could Trigger Major Crash<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Key Indicators For Bitcoin Short-Term Momentum<\/h2>\n<p data-pm-slice=\"1 1 []\">Dent\u2019s analysis takes a closer look at how the movement of the Coinbase Premium Index\u2014a measure of the price difference between Bitcoin on Coinbase and<a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-whales-grew-substantially-during-last-dip-data-shows-large-holder-accumulation\/\" target=\"_blank\" rel=\"noopener \"> other exchanges<\/a>\u2014could indicate potential price trends for Bitcoin.<\/p>\n<p>Dent highlighted using the daily (24-hour) and weekly (168-hour) moving averages to assess short-term momentum. Specifically, when the daily moving average breaks through the weekly moving average, it has historically been a <a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-leverage-ratio-witness-notable-spike-bullish-or-bearish-for-price\/\" target=\"_blank\" rel=\"noopener \">positive signal<\/a> for Bitcoin\u2019s price.<\/p>\n<p>Dent referred to past instances where this technical pattern, often called a \u201cgolden cross,\u201d indicated a short-term increase in Bitcoin\u2019s value.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/405217\/quicktake\/myanRQBjO_3b411c50207055919722e23c1195b0281031abcf4b7208f0e14bc2a7c188b8f2.png?resize=1280%2C546&#038;ssl=1\" alt=\"Bitcoin Coinbase premium index. \" width=\"1280\" height=\"546\"><figcaption class=\"wp-caption-text\">Bitcoin Coinbase premium index. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">For context, a golden cross in technical analysis occurs when a short-term moving average (typically the 50-day) crosses above a long-term moving average (often the 200-day).<\/p>\n<p data-pm-slice=\"1 1 []\">This pattern is considered bullish, indicating potential upward momentum in an asset&#8217;s price. It suggests that buying interest is increasing, and the market sentiment is shifting toward optimism.<\/p>\n<p>The daily moving average has temporarily broken through the weekly moving average, leading Dent to suggest that this could be a <a href=\"https:\/\/www.wncen.com\/analysis\/btc\/bitcoin-price-corrects-gains-66500\/\" target=\"_blank\" rel=\"noopener \">key support<\/a> level for Bitcoin, particularly around the $66.4,000 mark.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Higher Lows And Positive Momentum Could Indicate Uptrend<\/h2>\n<p>So far, BTC has continued to gradually decline after attempting to reclaim the $70,000 price mark on Monday. This suggests the asset might have met a major resistance around that price region. At the time of writing, BTC has dropped by 2.2% in the past day with a current trading price of $65,832.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ddgzEyrT\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on<a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AXAUUSD\" target=\"_blank\" rel=\"noopener nofollow\"> TradingView.com<\/a><\/figcaption><\/figure>\n<p>Despite this current price movement, Dent\u2019s analysis points out that the asset has been forming higher highs and higher lows since August, which is generally considered a bullish pattern.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/analysis\/btc\/bitcoin-price-corrects-gains-66500\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Corrects Some Gains: A Pause Before the Next Move?<\/a><\/div>\n<p>This upward structure, where both the lows and highs gradually increase, could signal that the market is building toward a more sustainable price recovery.<\/p>\n<p>Dent\u2019s reference to the Coinbase Premium Index further strengthens this possibility, as increased premiums on Coinbase often <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/analyst-points-to-key-bitcoin-metric-indicating-a-strong-uptrend-90k-in-sight\/\" target=\"_blank\" rel=\"noopener \">indicate stronger buying pressure<\/a> from institutional investors based in the US. The analyst expects this upward momentum to continue in the short term if the current patterns hold.<\/p>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) has seen a slight price decline recently, but according to a new analysis, there could still be signs of a potential short-term uptrend. A CryptoQuant analyst, Yonsei Dent, shared his insights on the CryptoQuant QuickTake platform, focusing on the Coinbase Premium Index and its impact on Bitcoin\u2019s price movement. Related Reading: Bitcoin Price Headed For $35,720? Why Muted Volume Could Trigger Major Crash Key Indicators For Bitcoin Short-Term Momentum Dent\u2019s analysis takes a closer look at how the movement of the Coinbase Premium Index\u2014a measure of the price difference between Bitcoin on Coinbase and other exchanges\u2014could indicate potential price trends for Bitcoin. Dent highlighted using the daily (24-hour) and weekly (168-hour) moving averages to assess short-term momentum. Specifically, when the daily moving average breaks through the weekly moving average, it has historically been a positive signal for Bitcoin\u2019s price. Dent referred to past instances where this technical pattern, often called a \u201cgolden cross,\u201d indicated a short-term increase in Bitcoin\u2019s value. For context, a golden cross in technical analysis occurs when a short-term moving average (typically the 50-day) crosses above a long-term moving average (often the 200-day). This pattern is considered bullish, indicating potential upward momentum in an asset&#8217;s price. It suggests that buying interest is increasing, and the market sentiment is shifting toward optimism. The daily moving average has temporarily broken through the weekly moving average, leading Dent to suggest that this could be a key support level for Bitcoin, particularly around the $66.4,000 mark. Higher Lows And Positive Momentum Could Indicate Uptrend So far, BTC has continued to gradually decline after attempting to reclaim the $70,000 price mark on Monday. This suggests the asset might have met a major resistance around that price region. At the time of writing, BTC has dropped by 2.2% in the past day with a current trading price of $65,832. Despite this current price movement, Dent\u2019s analysis points out that the asset has been forming higher highs and higher lows since August, which is generally considered a bullish pattern. Related Reading: Bitcoin Price Corrects Some Gains: A Pause Before the Next Move? This upward structure, where both the lows and highs gradually increase, could signal that the market is building toward a more sustainable price recovery. Dent\u2019s reference to the Coinbase Premium Index further strengthens this possibility, as increased premiums on Coinbase often indicate stronger buying pressure from institutional investors based in the US. The analyst expects this upward momentum to continue in the short term if the current patterns hold. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":649560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[441,629,679,93257,1119,78790,10923,83531],"class_list":["post-649549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price","tag-biytcoin","tag-btc","tag-btcusdt","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Current Decline Could Be Temporary\u2014Key Signs of A Rally Revealed<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has seen a slight decline in price recently, but according to a new analysis, there could still be signs of a potential...\" \/>\n<meta name=\"robots\" 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. 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