In a breakdown of Bitcoin’s current market dynamics, prominent crypto analyst Dan Gambardello, in his latest video titled “Bitcoin Must Do This Now,” addressed his 368,000 followers on YouTube regarding the critical resistance levels Bitcoin is currently testing. Gambardello emphasized the importance of these levels for both short-term price movements and broader market indicators.
Why Bitcoin Must Turn Bullish Now
Gambardello’s analysis begins with an emphasis on the significance of the short-term holder cost basis, which currently stands at $63,600. He highlighted this metric as a pivotal momentum indicator, underscoring its role in determining the immediate bearish or bullish nature of the market. “Bitcoin is just $2,000 away from the short-term holder cost basis now at $63,600.” According to Gambardello, this is a critical momentum indicator investors need to watch.
Gambardello also maps out the various resistance zones that Bitcoin needs to conquer to signal an optimistic market turnaround. He points out that Bitcoin is operating just above the 20-day moving average on the daily chart at the time of his analysis. However, the proximity of the closing time for the daily candle left the situation highly tentative. The 50-day and 200-day moving averages were also discussed as significant barriers that needed to be breached to confirm a bullish trend.
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In addition to these moving averages, the Fibonacci retracement levels form another cornerstone of his technical scrutiny. He elaborates on the potential for Bitcoin to encounter a lower high resistance area, which could lead to either a price consolidation or a downward correction if these levels failed to be surpassed.
Gambardello also ventures into macroeconomic territory. He indicates that the prevalence of recession-related fears could hint at broader economic shifts that might impact the broader crypto market. “The algorithms on X are bombarding me with recession posts, recession data, recession charts. There’s a probable increase because there are actually a lot of indicators that the market is going to crash,” he explained.
Moreover, the crypto analyst is heavily focusing on the 20-week moving average, a level he describes as a historically significant marker in distinguishing between bull and bear markets. The failure to sustain levels above this moving average, he points out, often precedes…
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