u.today
The Bitcoin (BTC) network is seeing a lot of positive bullish fundamentals today, including the surge in its daily trading volume. The premier digital currency is changing hands at a price of $27,315.23, up by 2.02% over the past 24 hours. The uptick in the price of the asset has shown that market bulls are still active and they exhibit the potential to help BTC in its recovery.
Sharing his insight on the current Bitcoin price trend, Twitter on-chain analyst @Ali_Charts revealed that the TD Sequential indicator presented a buy signal for the cryptocurrency on the daily chart. According to him, this indicator is a precursor to a major rebound that is imminent.
As an analyst renowned for correct calls, he affirmed the high potential of the accuracy of the TD Sequential indicator. With these assurances, he noted that the likely uptrend will be dependent on the ability of Bitcoin whales to help the cryptocurrency in securing the support around $26,360.
#Bitcoin | The TD Sequential presented a buy signal on $BTC daily chart, anticipating a potential rebound.
— Ali (@ali_charts) May 15, 2023
Notice how accurate the TD has been at forecasting local bottoms in the past two months. Still, it will depend on #BTC ability to hold above $26,360. pic.twitter.com/dxpQmvi0Vm
Bitcoin has helped the market to achieve stability in more ways than one over the past few weeks. With more potential room for upsides, the digital currency remains one of the biggest assets on most macro crypto traders' watchlists.
Overcoming evolving woes
Bitcoin might be the biggest digital currency in the world, and the need to evolve its ecosystem to a more vibrant and functional one has posed some risks to the stability of the network in recent times.
As reported earlier by U.Today, Bitcoin recorded transaction congestion in the past week, stirring a notable upshoot in gas fees. The reason has been linked to the growth of Ordinals inscriptions on the protocol.
While things have calmed down relatively by now, the role of scaling solutions may become quite pertinent to help overcome these woes and more to come in the near future.