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Bitcoin’s short-term technicals indicate a ‘Buy’ as crypto market adds $70 billion in a day

Bitcoin's short-term technicals indicate a 'Buy' as crypto market adds $70 billion in a day

As anticipation grows over the inflation data to be released the next week, Bitcoin’s (BTC) price briefly surged above $21,000. Government interference in the cryptocurrency market is now a hot topic of discussion among investors due to the fact that the crypto sector still lacks the clarity required for it to flourish. 

In spite of this, Bitcoin has managed to surge as much as 9% in the last 24 hours as BTC currently trades at $21,034; the flagship digital asset now has a total market worth of $402 billion, according to data retrieved by CoinMarketCap.

With the U.S. Dollar Index (DXY) falling lower, BTC is showing strength, with Bitcoin gauges on TradingView pointing towards a ‘Buy’ signal on both oscillators and summary.

Technical analysis Bitcoin buys signal. Source: TradingView

On the back of this, it is possible Bitcoin could rise as high as $21,500, and if that level consolidates and holds, a move as high as $25,000 may be on the cards, crypto trading expert Michaël van de Poppe opines.

“​​The markets are following this nicely. Great sweep of the lows, reclaim and strong candles implying strength is back for Bitcoin, as the $DXY index is falling down. In that case, we might continue towards $21.5kish, consolidate and hold above $20k and continue towards $23-25K.”

Technical analysis of Bitcoin strength. Source: Michaël van de Poppe

Bitcoin may be forming an Ascending Triangle

Elsewhere, trading analyst Rekt Capital suggested that through his technical analysis BTC is potentially forming a new Ascending Triangle:

“Many will be tempted to assume that BTC is building a new Ascending Triangle, just like at the 2018 bottom.”

Technical analysis Ascending Triangle. Source: Rent Capital

The trader also noted that if Bitcoin can successfully clear $21,000, BTC will be able to revisit the 200-week moving average.

With Bitcoin’s price railing higher today, it is pulling up the rest of the crypto market. It has also seen an inflow of $70 billion in the last 24 hours, with market capitalization now back above $1 trillion, up 6% in the previous 24. As a result of the climb, the top 20 coins trading are all strongly positive at the time of publication.

Global crypto market 1-day. Source: CoinMarketCap

Despite Bitcoin showing signs of strength on the market Benjamin Cowen, the founder of the blockchain company CryptoVerse, has warned that Bitcoin is expected to face a further correction in the coming months. 

“Comparison of the various bear markets, you know we spend a few months sitting at about 70% down from the all-time high, and then it’s like at the end of the year, or early the following year, we get that final capitulation,” said Cowen. 

According to Cowen, one of the most important factors to keep an eye on is how the Federal Reserve intends to curb the growing inflation rate. He thinks that investors should exercise caution in the face of interest rate rises in an economy that is doing poorly.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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