Bitcoin price bulls are working to maintain the daily uptrend and volume falters over the holiday weekend. Meanwhile, the long-to-shorts ratio has reached a decisive moment. Is a Bitcoin breakout imminent?
Bitcoin Price: Market Overview
Over the weekend Bitcoin price 00 lost the hourly and 4-hour uptrend as it slipped below the 26ema and closed in on the $5,200 support.
One hopes this is the result of low volume over the holiday weekend but it also notable that shorts have been on the rise and now approach a monthly high. As analyst FilbFilb pointed out in his trading journal, the long to shorts ratio approaches 1:1 and over the past Bitcoin has pulled off explosive moves in this technical setup.
BTC/USD remains range-bound between $4900 and $5360 and its possible that the digital asset is beginning to consolidate on the daily timeframe. Generally, bitcoin remains in good order above as long as it can sustain above the 12ema for the short-term.
As evidenced by the hourly chart, BTC price…