Bitcoin Ready To Rip? Indicator Prints Bullish Signal After 9 Years
29 Março 2024 - 1:00PM
NEWSBTC
One analyst on X thinks Bitcoin bulls may be in for a treat in
the coming months after one key indicator printed a buy signal for
the first time in nearly a decade. While pointing to a bullish
crossover on the 2-month chart’s Golden Moment Indicator, the
analyst said the signal is again flashing green in almost nine
years. Further cementing this outlook, this is forming as yet
the Supertrend indicator, which has historically preceded every
major Bitcoin uptrend, is also bullish. Bitcoin On A Bullish Path?
Though the analyst might be bullish on the world’s most valuable
coin, the asset remains consolidated. Technically, reading
from the formation in the daily chart, the coin is slowly losing
the uptrend momentum. This week, Bitcoin failed to build on to late
last week’s spike to push above $72,000 in a buy trend
continuation. In the daily chart, Bitcoin is trading above the
20-day moving average. However, prices have been moving
horizontally below $72,000. Despite this, traders are
hopeful. Related Reading: Dogecoin Jumps 37% – How High Can
DOGE Go This April? Whether bulls will flow back and thrust the
coin to fresh highs above $74,000 will depend on many other
factors. Inflows Into Spot BTC ETFs Pick Up Momentum A key
influencer on price and sentiment remains spot Bitcoin
exchange-traded funds (ETFs) and their flow trend. Since launching,
nine out of the ten spot Bitcoin ETFs have accumulated over 500,000
BTC, or roughly 2.5% of the total supply. When Grayscale’s
BTC holding is factored in, all spot Bitcoin ETF issuers in the
United States control 830,000 BTC. Cumulatively, this figure
translates to roughly 4% of the total supply. Of note, after last
week’s slowdown, inflows continued throughout this week, pushing
their holdings even higher—a net positive for the price and, most
importantly, investor confidence. By March 28, Lookonchain
data shows that 21Shares led the charge, adding 2,924
BTC. Despite the general lull in Bitcoin prices, the uptick
in demand for these derivative products indicates growing interest
among institutional and retail investors. Related Reading: Crypto
Analyst Predicts Top 8 Altcoins With 50x Potential Not Yet On
Binance It remains to be seen how prices react going into April, an
important month. In less than four weeks, the network will halve
miner rewards from 6.25 BTC to 3.125 BTC, making the coin scarce.
If the current level of demand remains, BTC prices will likely rise
as market forces automatically adjust prices. Feature image
from DALLE, chart from TradingView
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