Bitcoin's current outlook is bullish
In the cryptocurrency market, fundamental factors such as Federal Reserve policies, the growth of the US dollar index, and the amount of liquidity in the market have a direct impact on Bitcoin's movement. A strengthening US dollar can increase selling pressure on Bitcoin.
But if there are signs of a halt to tightening policies or a growth in cryptocurrency adoption, the likelihood of Bitcoin rising increases, especially if institutional demand for Bitcoin increases.
Technically, on the one-hour timeframe, Bitcoin is approaching a strong support range between $92,520 and $93,668. This range could trigger a price reversal, but if it is broken, further declines are expected.
On the upside, key resistances lie at $96,732 (0.5 Fibonacci level) and $99,964. A break above these levels could trigger a new uptrend for Bitcoin.
The Ichimoku Cloud indicates current weakness in the trend, as the price is below the Cloud and the ALLIGATOR lines are also in a bearish mode. However, the price's proximity to the support zone increases the likelihood of a reversal.
But if there are signs of a halt to tightening policies or a growth in cryptocurrency adoption, the likelihood of Bitcoin rising increases, especially if institutional demand for Bitcoin increases.
Technically, on the one-hour timeframe, Bitcoin is approaching a strong support range between $92,520 and $93,668. This range could trigger a price reversal, but if it is broken, further declines are expected.
On the upside, key resistances lie at $96,732 (0.5 Fibonacci level) and $99,964. A break above these levels could trigger a new uptrend for Bitcoin.
The Ichimoku Cloud indicates current weakness in the trend, as the price is below the Cloud and the ALLIGATOR lines are also in a bearish mode. However, the price's proximity to the support zone increases the likelihood of a reversal.
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