This Indicator Hints Bitcoin (BTC) Price Is Poised For 65% Upswing ! Here’s How and When

The post This Indicator Hints Bitcoin (BTC) Price Is Poised For 65% Upswing ! Here’s How and When appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Throughout the week, the price of bitcoin, Ethereum, and other cryptocurrencies has been on the down as unfavourable stories have left investors fearful of what is to come. As the week progresses, the Fed’s words have helped to alleviate some tail risks.

Expect a healthy trading day ahead, with cryptocurrencies possibly eking out gains for the week as we head into the weekend.

BTC Price Analysis

BTC is currently trading at $43,650, up 1.12% in the last 24 hours. On a daily basis, the Bitcoin price is trying to keep above the critical $43,500 threshold.

More importantly, the fact that BTC/USD has remained above this level for the previous few days has led many traders to believe that the $42,000 support level is quite robust.

Bitcoin price hits a daily low of $42,734 today; if it falls below this level, it could test another support level at $42,000, which is below the 9-day and 21-day moving averages.

Bitcoin, on the other hand, might retake the earlier resistance level of $44,000 and continue to rise. If successful, the principal cryptocurrency might aim for resistance levels of $48,000, $50,000, and $52,000.

The macro-factors keeping Bitcoin and other risky assets from reaching new highs, on the other hand, appear to be regaining prominence. The Federal Reserve of the United States (FED) started tapering in line with predictions, but if inflation persists, it may become more active.

Also Read : Bitcoin At Crucial Levels : $50k Or $36K What’s Next For BTC Price?

The indicator suggests a run-up!

Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, said the benchmark cryptocurrency’s BI trend signal flashed a purchasing signal in the long run.

According to the researcher, this is the first time BTC has turned positive since late 2021 when it was used to monitor market momentum.

Over the last seven years, the signal has coincided with strong rallies, as shown below. On the possibility of BTC reclaiming higher levels, McGlone said the following:

There have been 30 signals in the last seven years, with a pretty high 66 percent of them potentially beneficial. Despite the fact that macro conditions remain unfavorable and the broader pattern remains in a large range of $30,000-$70,000, the current rally may have legs similar to the August 2021 signal, which preceded a 65 percent rally.