On the day, Bitcoin/USD rallied to $23,318, according to Cointelegraph Markets Pro and TradingView data – a significant climb of $600 from its weekend lows. This small resurgence followed an uneasy week for cryptocurrencies in light of higher-than-expected inflation numbers coming out of the United States.
There Are Few Optimistic People
Nonetheless, Bitcoin has yet to recover its original value, as pointed out by various analysts. Despite the lack of optimism from the majority, some traders like Kaleo are still hopeful that Bitcoin will remain attracted to the $30,000 benchmark.
Crypto trader Altcoin Sherpa recently projected that Bitcoin could reach the $30,000 mark in just 4-6 weeks. Fellow trader and analyst Mags affirmed this statement, adding that BTC is still transitioning from a bear to a bull market – the upswing only truly commences once the neckline has been breached!
Bloomberg Analysts Think Bitcoin is Trend Is Downwards
Mike McGlone, a senior macro strategist at Bloomberg Intelligence, questioned bulls’ capability to surpass the $25,000 resistance zone when looking ahead. He tweeted his findings that “Don’t fight the Fed” was an overwhelming headwind for markets in 2022 and continues to be so. Additionally, he stated that “Bitcoin’s $25,000 resistance may turn out to be a pivotal factor influencing all risk assets.”
Recent research suggested that more tactically minded people can benefit from a “responsive selling” approach regarding BTC/USD. Sadly, the study also predicted that those adhering to the buy-and-hold strategy will be at a disadvantage for now. Last week, there was still optimism that $25,000 wouldn’t present an insurmountable obstacle and could be overcome without too much difficulty.
When the enormity of the task became clear, it was evident that not only did orders on exchange order books need to be altered, but there were also key moving averages (MAs) above them. Bitcoin’s 50-week and 200-week trend lines, in particular, stood out. The declining nature of Bitcoin’s 50-week MA led McGlone to conclude that “the trend remains downward.”
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