Bitcoin Gains Technical Stability: Is Bullish Trend Coming?
• Positive signs are emerging for bitcoin on technical charts, with the asset holding a key support level.
• Analysts believe that this could mean bullish trends will emerge in the coming weeks and months, pushing BTC to at least $28,500.
• Long-term wallets have held coins for at least six months prior to press time, suggesting more gains may be on the horizon.
Bitcoin Gains New Technical Stability
The world’s number one digital currency by market cap – Bitcoin – is currently holding a key support level that could indicate bullish trends in the near future. Alex Kuptsikevich of FX Pro stated that bitcoin needs to reach a price of at least $28,500 before buyers feel comfortable returning to the trading scene. Meanwhile, Ilan Solot of Marex believes that if the dollars upswing gets too violent it could cause short-term damage to assets like commodities and crypto.
USD Tied to Bitcoin
As of late, Bitcoin has been heavily tied to USD due to its sudden dip in value. This suggests that as the dollar continues to gain strength and rise through the price ranks, so too will Bitcoin. Analysts from Swiss Block Insights mentioned that both assets (BTC & DXY) would experience price discovery depending on how much the dollar fluctuates over time.
Long Term Wallets Holding Coins
Ilan Solot also pointed out that many long-term wallets have held coins for at least six months prior to press time; this implies there are more gains yet to come for Bitcoin in the future.
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Positive signs are emerging for bitcoin on technical charts which could mean more gains are coming soon for investors who hold onto their coins long enough. It remains uncertain whether or not these predictions will come true as only time will tell what happens next with cryptocurrency markets around the world