Bitcoin (BTC) $97,120.1After falling to 89 thousand dollars on the first day of the week, it showed a strong recovery and closed the day at 94 thousand dollars. This price movement is considered a signal that the downtrend may end. The “long-legged doji” formation, which is an important pattern in technical analysis, manifested itself with this recovery. Experts state that the formation generally indicates a bottom signal.
Bitcoin Technical Analysis
Monday’s decline and recovery in Bitcoin’s price caught the attention of investors. Analysts emphasize that the largest cryptocurrency must exceed the $ 95,900 level to confirm that it has entered an upward trend again. A candle closing above this level may trigger a new buying wave in the market.
On the other hand, the 89 thousand dollar level stands out as an important support threshold. If the $89,000 threshold is broken downwards, the bears may regain control.
Bitwise Europe Research Director Andre DragoschHe stated that Bitcoin’s supply and demand dynamics are strongly in favor of buyers. Dragosch said, “Companies’ demand for Bitcoin is BTC “He exceeded his custom,” he said. The institutional interest that Dragosch points out strengthens the foundations of the long-term rise.
Inflation Data from the USA Will Be Decisive
cryptocurrency marketAll eyes are on the US Consumer Price Index (CPI) data to be announced on Wednesday. The data may affect expectations about the Fed’s interest rate policy and lead to new movements in Bitcoin’s price. From Kronos Research Neal Wen“Bitcoin made a strong jump from the $89,000 level. “However, investors are still observing the stability of this movement,” he said.
recently cryptocurrency Harsh movements in the market revealed risks and opportunities for many investors. Although the sharp decline seen on Monday and the subsequent recovery raise hopes that Bitcoin can end its downward trend, macroeconomic data to be announced in the coming days will be decisive for the price.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
