The Zhitong Finance APP has learned that Bitcoin is still struggling with around $30000, and this year's rise is facing a test. However, recent trading signals suggest that Bitcoin can once again break through this level and achieve a short-term increase of 7%
The Zhitong Finance APP has learned that Bitcoin is still struggling with around $30000, and this year's rise is facing a test. However, recent trading signals suggest that Bitcoin can once again break through this level and achieve a short-term increase of 7%. According to research, during a period when Bitcoin was generally bullish, the token rose by at least 3% on a single day and fell by at least 3% the next day. Over the past five years, after 17 such signals, Bitcoin has risen by an average of about 7% in 3, 5, and 10 days. The research determines the bullish period through the Relative strength index (a momentum indicator), which must be higher than 50.
On Thursday, Bitcoin fell about 1% to $28860. Ethereum fell by about 2% and remained below $2000. The performance of smaller tokens such as Avalanche and Dogcoin is mixed.
On Wednesday, Bitcoin, the largest digital asset, fell 3.9%, with industry insider Noelle Acheson suggesting that part of the reason may be "leverage accumulation, which could trigger a liquidation".
This suggests that the decline is unlikely to continue for too long, as recent support and derivative positions have shown a tendency to accumulate, "Acheson added.
Given the challenging monetary policy outlook and other obstacles such as the US crackdown on cryptocurrencies, other analysts are more cautious.
Tony Sycamore, a market analyst at IGAustraliaPty, said: "The market has lowered its expectations for the Federal Reserve's year-end interest rate cut, which has removed a pillar of recent support for Bitcoin." "We continue to expect Bitcoin to test a support level of $27500 in the coming trading days
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