The price of Bitcoin has been traded in a narrow range for a while. This is considered part of a consolidation process since November. However, technical analysis indicators indicate that BTC can soon start this horizontal course by ending a strong rise movement. Experts, especially specific technical formations and basic market data Bitcoin’in up -to -way offers strong clues that can experience strong clues, he says.
Bitcoin technical indicators indicate a strong rise
The Bitcoin price has managed to maintain its critical $ 90,560 support level for the last few weeks. This level came to the forefront as a strong defense point for the bulls, while the downward breaking prevented. In addition, the price of Bitcoin continues to watch over 50 -week and 100 -week moving averages. This is historically considered as an ascension signal for Bitcoin.
However, one of the most important formations that attracted attention in technical analysis was the Formation of Cup-Kulp (Cup and Handle). This formation indicates that Bitcoin may experience a big upward break in the long run. It has a resistance point at $ 68,720, and a break above this level can move Bitcoin to $ 122,000. At the same time, BTC also seems to be a Bull Flag formation. This formation is often considered a harbinger of strong rise, and some analysts argue that Bitcoin can reach $ 148,000 in the long term.
Can macroeconomic factors support the rise of Bitcoin?
Macroeconomic developments are one of the most important elements that determine Bitcoin’s price movements. The latest inflation data shows that inflation is still high in the US. January Consumer Price Index (CPI) rose to 3.0 %, which increased concerns that the US Federal Reserve (FED) may delay interest cuts.
However, the fall of unemployment rate from 4.2 %to 4.1 %is considered as an important development for markets. Although such powerful economic data show that the Fed can maintain the hawk stance, it may be a positive catalyst for Bitcoin and other crypto currencies. Because Bitcoin, which is seen as a means of protection against inflation, may attract investors during these uncertainty periods.
