Bitcoin Short-Term Technical Techniques Suggest ‘Buying’ As Crypto Market Adds $70 Billion in One Day

With expectations growing for inflation data to be released next week, the price of Bitcoin (BTC) briefly rose above $21,000. Government intervention in the cryptocurrency market is now a hot topic of discussion among investors due to the fact that the crypto sector still lacks the clarity it needs to grow.

Despite this, Bitcoin has managed to gain 9% in the past 24 hours with BTC currently trading at $21,034; The leading digital market now totals $402 billion, according to data obtained by CoinMarketCap.

With the US Dollar Index (DXY) trending lower, BTC is showing its strength, with Bitcoin metrics on TradingView indicating a “buy” signal on both the oscillators and summary.

Bitcoin Buy Signal Technical Analysis. Source: TradingView

Against this background, Bitcoin is likely to rise to $21,500, and if this level consolidates and stabilizes, there could be a move up to $25,000, said crypto trading expert Michael van de Poppe. opinions.

“Markets are following this well. Big sweep of dips, recoveries and bright candles, which indicates Bitcoin strength once again, as $DXY is down. If so, we can continue heading towards $21.5K, consolidate and continue above $20K. And continue towards the 23-25 ​​thousand dollars.”

Bitcoin strength technical analysis. Source: Michaël van de Poppe

Bitcoin may form ascending triangle

Elsewhere, trade analysts direct capital I suggested That BTC through its technical analysis is likely to form a new ascending triangle:

“Many will be inclined to assume that Bitcoin is building a new bullish triangle, just as it is at the 2018 low.”

Technical analysis of the ascending triangle. Source: Ejar Capital

The trader also noted that if Bitcoin successfully cleared $21,000, BTC would be able to return to the 200-week moving average.

With the Bitcoin price range rising today, it is dragging the rest of the crypto market. It also saw an inflow of $70 billion over the past 24 hours, with the market cap now back in excess of $1 trillion, up 6% from the previous 24. As a result of the sudden rally, the top 20 cryptocurrency exchanges are all very optimistic about the timing for publication.

Global crypto market one day. Source: CoinMarketCap

Although Bitcoin is showing signs of strength in the market, Benjamin Cowen, founder of the blockchain firm CryptoVerse, has warned that Bitcoin is expected to face further correction in the coming months.

“Comparing different bear markets, you know we spend a few months sitting at about 70% of the all-time high, and then it’s like at the end of the year, or early in the year, we get the ultimate capitulation,” Quinn said.

According to Quinn, one of the most important factors to watch is how the Federal Reserve intends to adjust the rising rate of inflation. He believes that investors should be wary of rising interest rates in a struggling economy.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

Post-Bitcoin short-term technical reports suggest a “buy” as the cryptocurrency market adds $70 billion in one day first appeared on Coinphony.

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