In recent days, Bitcoin has shown a good degree of bullishness. CoinGecko reports that Bitcoin’s price has increased on a daily and biweekly basis, suggesting that the market may be recovering from FTX’s fall. Investors at large were also optimistic.
The BTC bottom is still in effect, presenting excellent chances for long-term investment. There was little gains with hash ribbon despite the occurrence of a golden cross (chart below), as the price remained unchanged. Also, there is a 50/50 chance of a decline in the market to at least $16.950.
Dan Lim, an analyst at CryptoQuant, has made some recent comments that could signal the beginning of a bull market. First, he pointed out that Bitcoin’s MVRV value is extremely low, almost identical to previous market bottoms.
Next, the price of hash has not increased since the golden cross was supposed to be achieved, hence the hash ribbon has failed. Is BTC’s price about to stage a comeback? If not, is there more suffering in store?
Bitcoin Price: Inconsistent Numbers
The price of bitcoin (BTC) is now displaying highly inconsistent trends. As the RSI rises on the daily time frame, it appears to keep its strong bearish momentum.
The expanding Bollinger band supports the bullish outlook for the future. But the current BTC price candle, which is presently trading at $17,315.01, has met a resistance that has not been breached since the price fall on November 11. In addition, a rising triangle pattern contributes to a fairly restricted trading range.
Chart: TradingView
The token’s RSI is overbought, indicating that bearishness persists on shorter durations. Although the EMA ribbon appears to be sustaining an upward trend, a bearish crossover could occur within the next few hours or days.
As a potential trend reversal looms, BTC investors and traders should closely monitor the present market scenario. Following the recent price fluctuations, the MFI indicates a likely upcoming decline.
If the bearish reversal occurs, a decline to $16,970 is conceivable. Strong bearish momentum can drive the price closer to $16,660 or higher.
Mixed Opinions About Bitcoin
Bitcoin clearly has bullish characteristics. Bitcoin price has been up about 5% in the last week, and some analysts expect it will tally more increases in the coming days.
However, as miners and merchants continue to incur losses and reserve levels remain high, Bitcoin’s path remains challenged.
The next consumper price index (CPI) numbers that will be revealed on December 13 will determine whether or not macroeconomics will boost the price of Bitcoin.
BTC total market cap at $332 billion on the daily chart | Featured image: Unsplash, Chart: TradingView.com