en.bitcoinsistemi.com
Bitcoin ($BTC) is showing an optimistic outlook amid news of an indefinite ceasefire in the US-Iran war.
This has boosted bullish predictions, and while $BTC’s technical indicators are improving, according to the analysis company, short-term uncertainty still persists.
According to the latest analysis from cryptocurrency analytics company Matrixport, Bitcoin’s technical outlook improved this week, but short-term uncertainty persists.
The key determinant of Bitcoin’s future price movements will be the continued inflow of funds into spot Bitcoin ETFs.
The analytics company stated that $BTC is currently recovering near a key support level, and indicators such as the Relative Strength Index (RSI) and MACD are giving buy signals.
However, despite these improvements, Bitcoin trading volume remains insufficient, and a breakout above the 200-day moving average (MA) on the daily chart has yet to occur.
Analysts noted that a breakout above the 200-day moving average is crucial, and while continued inflows into spot ETFs and signs of increasing institutional investment are evident, there is also potential for short-term profit-taking.
In conclusion, the analysis firm argues that to speak more definitively about Bitcoin, it’s necessary to wait for confirmation of a breakout above key resistance levels, and for now, a wait-and-see approach seems the most sensible course of action.
Is Bitcoin’s Recovery a Signal of an Uptrend?
Besides Matrixport, CryptoQuant analyst Axel Adler also analyzed the latest situation in Bitcoin.
Selling pressure from short-term investors (STH) in Bitcoin reportedly decreased significantly in April.
The analyst stated that Bitcoin’s current price is around $78,000, which is still below the STH cost floor of approximately $83,000.
According to the analyst, the market hasn’t yet entered the premium range because $BTC remains below this level. Historically, the STH cost floor at $83,000 has been a critical turning point for Bitcoin. The analyst argues that recovering and consistently holding above this level usually signals a more definitive uptrend.
When the analyst examines all the data together, he concludes that the recovery is not a new uptrend. Stating that the critical point is whether Bitcoin can break above its $83,000 STH cost basis, the analyst said, “If it succeeds, the STH discount rate will turn into a premium, giving a significant signal for a new upward cycle. However, if this does not happen, the current recovery will likely only be a temporary phase, not a new uptrend.”
*This is not investment advice.