Cryptocurrency markets feel the support of global markets behind them, but they need money inflow for further rise. At this point, it is also seen that new entries have lost some strength in recent days. Although it frequently rises to the levels of 23,400 dollars and 23,600 dollars, it is seen that Bitcoin, which cannot provide permanence, has accumulated at the 23 thousand-dollar level for a few days.
The US Growth Reports Have Helped the Crypto Market, Too
The higher-than-expected US 4th quarter growth announced yesterday relieved the recession concerns and strengthened the expectations for a soft landing in the economy. For this reason, US indices were buyers between 1 percent and 2 percent yesterday. Thus, the rise in the US indices has reached 12 percent since the beginning of the year. The data had a positive impact on the cryptocurrency money market as well as on the global markets. Having difficulty exceeding the level of 23,300 dollars and being rejected from this region, Bitcoin fell to 23 thousand dollars yesterday, but after the data, it rose to 23,300 dollars again.
Analysts Expect Bitcoin to Rise
At the moment, Bitcoin is trading at $23,300 Analyzing the daily chart can assist in predicting an optimistic outcome if we observe a “Golden Cross” – when the 50-day moving average surpasses the 200-day moving average from below. Such development could herald a greater gain potential for cryptocurrency investors.
Bitcoin, which has been making strong progress of late, appears to have reached the bottom boundary of its channel for now. If it can pass through the $23,300 level and make consistent daily exits above that mark, it may begin a fresh ascent up toward 24k and then 25.2k levels, respectively. Breaking this crucial threshold will be essential for Bitcoin’s upward momentum to continue successfully.
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