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Multiple indicators and on-chain metrics reflect confluence pointing to an improving market, but technical analysis still raises the possibility of Bitcoin dropping to new yearly lows.
BTC’s march toward $24,000 took a brief pause after media headlines announced that Tesla had sold 75% of its Bitcoin position.
The crypto market rally continues, but analysts are on the fence about whether BTC and ETH will slip back into range or push closer to higher-timeframe resistance levels.
Traders expect BTC price to venture into the $27,000 to $32,000 range now that Bitcoin looks to secure a daily close above its current range.
BTC price is racing toward $24,000, but analysts warn that a lower support retest is needed to confirm the strength of the current breakout.
The bear market is far from over, but according to Glassnode, several metrics suggest that Bitcoin capitulation already occurred.
The crypto market capitalization pushed above $1 trillion after notable weekly double-digit gains from BTC, ETH and several large cap altcoins.
BTC continues to sell-off, but analysts say investor sentiment could reverse when inflation peaks or traders feel that the situation with insolvent DeFi platforms is resolved.
BTC on-chain metrics and technical indicators are trading near historical bottoms, but analysts say a new “macro catalyst” could prove the current range is not the bottom.
Traders rejoice after BTC price spikes 7% to $21,800, but analysts say the macro downtrend is likely to prevail for the foreseeable future.