The most popular cryptocurrency, Bitcoin (BTC), is currently seeing a comeback as new advancements in technical indicators and on-chain fundamentals give investors newfound hope.

A well-known financial company, Capriole Invest, has announced its Bitcoin Macro Index. This thorough machine learning model integrates 40 significant on-chain, macromarket, and equity parameters, offering insightful information on the foundations of Bitcoin and illuminating its likely future course.

Bitcoin Fundamentals Signal Renewed Optimism

The most recent report from Capriole indicates that over the past few weeks, Bitcoin’s low-timeframe technicals have maintained their consistency with the Wyckoff schematic, with a big failed breakdown at the $26,000 level indicating a locally positive attitude. The credibility of the structure has been strengthened by this incident.

The fundamentals of Bitcoin are currently showing positive signs of improvement after a two-month downturn that contributed to the cryptocurrency’s price falling from $29,000. This signals that the market may be nearing a turning point.

According to the report, experts are currently keeping a tight eye on any potential breaks from support, especially a close over $28,000, as this would signal a continuation towards at least $31,000.

See also  Terra LUNA Predictions: Expected Surge of 80-100% Post Key Event
BTC/USD Price Chart – Source: Tradingview

A more bullish picture is also presented by the failed breakdown and solid improvement in basic data, even though the chance to buy Bitcoin in the $24,000 range seems less realistic.

Capriole Invest anticipates Bitcoin’s price to rise further, with a target of at least $31,000 in the foreseeable future, barring any material changes in the data. Capriole, however, thinks that the $26,000 support level and the fundamental performance of the Macro Index will have an impact on BTC’s direction.

Persistent Resistance At $27,500 Amidst Market Suppression

As the price of bitcoin approaches the $27,500 level, it has encountered significant resistance, with market sell orders clogging the order book and preventing further upward momentum.

Leading market monitoring company Material Indicators has recognized this tendency as a purposeful attempt to drive down the price of BTC. This behavior is anticipated to continue, especially in light of Federal Reserve Chairman Jerome Powell’s Wednesday announcement of an interest rate hike.

According to the company’s monitoring, during the previous eight hours, a substantial surge in liquidity has appeared each time Bitcoin’s price has been close to the $27,500 mark. This increase in sell orders has successfully prevented any possible breakthrough at this important resistance level.

See also  CoinShares To Launch FTX Token ETP, Bullish Signal For FTT Prices?

 Related News


Leave a Reply