Bitcoin Bulls Roar as BTC Price Surges 3% Post Binance – Time for Cryptocurrency Avengers to Step Up!

Bitcoin price rebounds 3% following Binance news, as Bitcoin bulls urged to take action

Bitcoin Holds Strong: Bouncing Back from the Depths

Hold on to your digital assets, folks! Bitcoin (BTC) is making a triumphant comeback, trading $1,000 off its weekly lows after Wall Street opened its doors. Consider it a price relief bounce that has more staying power than your favorite meme stock.

But let’s not forget the drama that unfolded. It all began when the largest global exchange, Binance, decided to settle with the United States Department of Justice to the tune of $4.3 billion. Talk about a costly breakup! Bitcoin traders were left reeling, but they quickly regained their composure to focus on the important stuff: the latest crucial price levels.

“Pretty clear that the most important levels are 35.7K and 38K in this area.”

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Bitcoin’s trading range has been as steady as a tightrope walker with nerves of steel. Despite a formidable dip to $35,600 following the Binance event, BTC/USD gracefully tapped the range low and rebounded, leaving us all in awe of its acrobatic skills.

It seems like the price corridor between $35,000 and $38,000 has attracted the attention of optimistic investors, eagerly awaiting the next act of the Bitcoin bull run. These folks have spotted the spot premium’s return and are convinced that a bottom is forming. Yet, they also believe that for now, the upside is capped at around 37k and the downside is capped at 35k. It’s all about forming a little range here for a couple of days of accumulation before blastoff. And I’m not talking about a bottle rocket, but a rocket ship that Elon Musk himself would envy.

Let’s not forget about the brilliant chart of the Binance order book. It’s like holding a treasure map that clearly marks the likely range highs and lows. Talk about uncovering hidden gems!

BTC Price 4-Hour Chart Flashes

Fellow trader Jelle, known for his bullish long-term outlook on Bitcoin, has a word of caution for all the eager buyers out there. The interest needs to solidify, my friends.

Related: How low can the Bitcoin price go?

“For the first time in this consolidation, we failed to make a higher low – and now we’re also back below the key level. Bulls need to step in here.”

Don’t let this temporary setback discourage you! Jelle has spotted a breakout from a “cup and handle” pattern on longer timeframes. It’s like finding a unicorn in a field of horses. And guess where this unicorn is heading? A majestic $48,000 BTC price target. Now that’s a magical sight to behold!

Now, let’s talk about the whales. No, not the ones in the ocean, but the ones in the cryptocurrency market. Material Indicators, our trusty monitoring resource, suggests that whale selling is still ongoing. But fear not! The overall liquidity is on the rise, indicating bullish times ahead. It’s like the crypto market is swimming with dolphins, gracefully moving higher with style and finesse.

So, dear readers, buckle up and enjoy the ride. Bitcoin has shown its resilience once again, bouncing back from the depths like a digital superhero. Keep an eye on those key levels, follow the charts like they’re your favorite soap opera, and remember to embrace the volatility with the enthusiasm of a roller coaster enthusiast. Happy investing!

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