Bitcoin (BTC) Bulls Pump Price Over $24K, Good Luck Rallying to $27,000

Bitcoin (BTC) price rises above $24,000 as demand surges amid heavy retail and institutional buying. The CFTC’s latest CME Bitcoin futures report and over 1 million addresses buying BTC led to a 5% rise in the last 24 hours, with most upside moves taking place in the last 3 hours only.

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

Bitcoin (BTC) bulls push the price towards $27,000

According to the latest CFTC CME Bitcoin Futures Weekly Report, total open interest fell from 14,957 to 12,849. Institutional long positions are at 9,740 and short positions are at 10,321. Institutional long and short positions are balanced and the overall bias is bearish. However, the possibilities of entering at current levels are higher.

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

Bitcoin is already above the $22.8,000 level, the key 200-week moving average. Furthermore, recent data shows that the price of BTC is trading stronger above the important demand zone between $22,720 and $23,390. Nearly 1.36 million addresses have added over 1 million BTC to the range.

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

    Bitcoin (BTC) demand area
Bitcoin (BTC) demand area. InTheBlock

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

Bitcoin (BTC) Price Rally Above 50-MA
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 break out of support levels. Bitcoin and Ethereum will lead the rally.

Crypto investors should stay cautious

The crypto market rally may be short-lived as most altcoins are below the 50-MA, signifying 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 more than 5% in the past 24 hours. On the other hand, the price of Ethereum (ETH) is also trading strongly. Ethereum is trading at $1771, up 5% amid optimism surrounding the merger.

Bitcoin bulls pushing price to $27,000 seem the most likely.

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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