Bitcoin continues to organize itself in a symmetrical triangle; A potential surge in demand could provide a driver for Bitcoin, pushing prices towards the 30,000-31,200 resistance area; The fear-greed index for cryptocurrencies and Bitcoin is currently in greed territory. Will bitcoin repeat the bull market cycle of 2019 and 2021? Or is deleveraging driving the decline to lower levels?
Bitcoin waits for the range to break out
After surging during the banking crisis in March, Bitcoin continued to settle above the $28,000 mark. Prices remain in the 26,300-29,300 range seen since March 18, continuing to wait for a breakout (either up or down) that may be coming soon.
On Thursday, it was reported that MicroStrategy bought another 1,045 bitcoins at an average price of $28,016. Founder Michael Saylor confirmed that MicroStrategy currently holds 140,000 bitcoins at an average price of $29,803 per coin, with a total value of about $4 billion. However, buying by MicroStrategy and comments from Saylor, a Bitcoin fan, failed to spark a Bitcoin rally.
Mining fees imply a surge in demand
While investors are still speculating about the future direction of bitcoin’s breakout, a key metric — mining fees — suggests new demand may be flooding the market, according to on-chain analytics. The 90-day moving average for mining fees is now above its annual moving average, further supporting the view that bitcoin demand could be poised for an explosion.
The fear-greed index for cryptocurrencies and Bitcoin is in greedy territory. In terms of personal opinion, the tendency is to think Bitcoin will break upward.
For bitcoin bears, the dollar’s recent rally suggests the greenback could be poised for an upward breakout after key economic data today. However, the rise in the dollar over the past two days has failed to drive a break in Bitcoin prices, so the preference is that the bulls may be in charge.
Technical analysis of Bitcoin
Technically, bitcoin/dollar has been range-bound since March 18, and price indecision leaves a certain amount of uncertainty about the future. Bitcoin is still being organized in a symmetrical triangle and is getting closer to breaking out of that shape.
Conclusion:
For investors, in the machine price is better, can start investing. From the virtual currency investment, more sensitive to the economy, more exciting lifestyle. However, investors need to keep in mind the old saying “you should trade based on what you see, not what you take for granted”.
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Post time: Apr-08-2023
