U.Today
Published Jun 15, 2023 11:10
Updated Jun 15, 2023 12:16
Bitcoin Poised to Rebound to $25.5K, Analyst Says, Here's Why
U.Today - Crypto analyst and trader shared a bullish forecast on his Twitter handle. He believes that the flagship cryptocurrency Bitcoin is likely to rebound as the TD (TSX:TD) Sequential indicator has shown a buy signal on a Bitcoin one-hour chart and a bullish divergence against the RSI.
If Bitcoin manages to hold above the $24,800 level, Martinez tweeted, it is possible to expect an upswing to $25,300 or even as high as $25,500.
h2 Bitcoin's illiquid supply keeps growing/h2 Glassnode on-chain data provider has shared that the crypto community continues to accumulate BTC and move these coins to illiquid wallets. Per the recent tweet, the illiquid supply of Bitcoin keeps growing, and more than 119,000 BTC is added to cold wallets every month.This, concludes the Glassnode analytics team, indicates that the primary market dynamic at the moment is HODLing BTC.
h2 Bitcoin responds to recent Fed decision/h2 As covered by U.Today recently, Fed Chairman Jerome Powell announced that the bank intends to put its strategy of rate hiking on hold. Despite the fact that the crypto community has been looking forward to that step, Bitcoin pulled back to a low of $25,900 within just several minutes.This proves that the crypto market remains very sensitive to macroeconomic changes even if they are pretty much expected.
At the time of this writing, Bitcoin is changing hands at $25,040, having dropped 3.63% within the last 24 hours, according to the data shared by CoinMarketCap.
This article was originally published on U.Today
Written By: U.Today
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.