Bitcoin (BTC) Market Prints Buy Signal: Will BTC Price Rise Further?

The Bitcoin (BTC) market has been of interest as prominent analyst Ali Charts observed a buy signal on BTC's hourly chart using the TD Sequential indicator.

A prominent technical analyst has spotted a buy signal on Bitcoin's hourly chart, suggesting that the world's largest cryptocurrency may be setting up for a bullish move if key support levels hold.

As noted by Ali Charts, BTC's hourly chart on Binance is showing a TD Sequential green "1" setup, which is used to identify trend reversals. This signal has appeared after a recent downtrend in BTC's price action, making it a key indicator for traders anticipating a potential price reversal.

If BTC manages to maintain support at $74,500, the probability of a rebound increases, which could draw more buyers into the market.

According to the analyst, this setup could lead to a move toward the $76,000 resistance level if BTC sustains its support at $74,500.

Bitcoin's price action is also aligning closely with several Fibonacci retracement levels, which are widely recognized as support and resistance markers.

The 0.236 level, at $74,947, is serving as an initial support, with BTC trading slightly above this threshold at $75,011. If the momentum continues, BTC will encounter resistance at subsequent Fibonacci levels, including:

Each of these levels could present a potential turning point, with the $76,000 mark being a particularly important resistance level that could either cap or extend BTC's upward movement.

suggesting higher targets at:

These levels could indicate areas where BTC may face selling pressure if buyers manage to push the cryptocurrency past the $76,000 resistance. Such resistance targets will likely be influential in determining BTC's price direction if bullish momentum persists.

As noted by Ali Charts, the support at $74,500 is a key level to watch. Maintaining this level is crucial for validating the buy signal and ensuring a stable base for potential upward price movement. A break below this support could signal a bearish move, which would invalidate the bullish setup projected by the TD Sequential indicator.

Bitcoin's price is currently up 0.46% over the last 24 hours and trading at $74,732.64. BTC has a daily volume of $73.78 billion and has risen by 1.20% over the last hour. According to CoinGecko, the total value locked in decentralized finance (DeFi) is at $256.02 billion, which marks a 0.26% decrease over the last 24 hours.

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