The price of Bitcoin is currently slightly below $28000. This level has been tested multiple times this week
The price of Bitcoin is currently slightly below $28000. This level has been tested multiple times this week. The current data indicates that with the support of BTC, the market may continue to rise. However, the macro situation will be highly volatile in the coming week. We will discuss the roadmap for cryptocurrencies based on current expectations and predictions.
Will cryptocurrencies rise?
The price of Bitcoin is $28000, and investors are extremely frustrated by the narrow volatility and boring trend. Despite the rise in the US dollar index and negative macroeconomic data, maintaining a price threshold of $27000 still brings hope.
The key resistance zone is located at $28143, which is crucial for BTC to translate into support for future trends. On the other hand, short-term BTC investors seem to believe in this rise. Short term investor representatives have purchased BTC within the past 155 days and currently hold the address. The group's response to price changes often enhances motivation.
Short term Bitcoin investors
CryptoQuant analyst Tarekonchain evaluated the realized price of BTC - UTXO age range. This indicator includes the token allocation model between STHs when the BTC price reaches the level at which they purchase tokens.
Current data shows that short-term investors are currently making profits but avoiding selling. Waiting for STH Group's profit to be seen as a price bullish signal.
So far, these groups have not experienced significant outflows of Bitcoin. This lack of activity indicates that these investors are holding their positions and avoiding large-scale selling. If they do not start transferring assets to the exchange, Bitcoin prices may continue to rise
The RSI on the 4-hour chart is close to the overbought area, and slightly higher than the neutral area on the daily chart. However, the weak trading volume prevented us from experiencing rapid growth similar to early 2023. During that period, we saw billions of dollars worth of spot purchases within a few hours. Nowadays, prices are more determined by the demand for futures.
The upcoming inflation data next week may support the selling trend of short-term investors. Due to the increase in fuel prices over the past month, people are concerned about a significant recovery in overall inflation.
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