Bitcoin (BTC) has persistently maintained its upward trajectory, recovering to surpass the $35,000 threshold in the early hours of Monday, after a temporary setback tied to legal matters surrounding FTX founder Sam Bankman-Fried. The prevailing market sentiment, as measured by the Fear & Greed Index, presently registers at 73, signifying a state of heightened “greed.”
Another contributing factor may stem from the United States reporting the addition of 150,000 jobs in October, which fell short of the anticipated 180,000 and marked a decline from the 297,000 jobs added in September. Additionally, the unemployment rate increased to 3.9 percent, surpassing the expected 3.8 percent.
The overall sentiment in the global cryptocurrency market has improved, as the Crypto Fear and Greed Index has risen by four points to achieve a score of 74 out of 100. This increase implies that investors are displaying a more optimistic outlook regarding the market. While some speculate that the recent surge in prices might be short-lived, market experts observe signs of sustained interest fueling the ongoing upward trend.
As a result of the positive market sentiment, increased investor confidence reflected by the rising Fear and Greed Index, and sustained interest, Bitcoin’s price potentially found support above the $35,000 mark.
It’s noteworthy that the number of blockchain addresses holding at least $1,000 worth of Bitcoin (BTC) has achieved a new milestone, reaching 8 million at the current BTC price of $35,115. This substantial growth signifies a significant development, with experts anticipating further expansion as Bitcoin gains more adoption. The increase in the number of BTC-holding addresses represents a considerable increase in potential purchasing power, presenting a favorable long-term indicator for the cryptocurrency’s value.
The recent surge in Bitcoin’s price, amounting to nearly a 25% increase in just one month, can be attributed to speculation surrounding the potential approval of Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission. This anticipation has also spurred heightened activity among major investors in the Bitcoin market.
Consequently, the report of a record-breaking number of addresses holding $1,000 worth of BTC may enhance demand and confidence, potentially offering further support to BTC’s upward trajectory.
Additionally, Julia Leung, the CEO of Hong Kong’s Securities and Futures Commission, has suggested the possibility of allowing spot crypto exchange-traded funds (ETFs) for retail investors. These ETFs track the asset’s price without necessitating direct ownership, marking a potential shift from previous restrictions on retail investor access to such investments. This aligns with Hong Kong’s ongoing trend of pro-crypto regulations this year.
Forecast for Bitcoin’s Price
In the current trading landscape, Bitcoin is hovering around $34,918, displaying minor fluctuations in the past 24 hours. At the core of the price structure lies the pivot point, which is established at $34,662, serving as a reference point for the current session’s price dynamics.
Bitcoin encounters an immediate resistance level at $35,352, and a breach of this level could potentially open the path to more ambitious targets, notably $36,834 and eventually $37,722.
On the flip side, support levels are currently reinforcing the market around $34,112, with additional safety nets possibly found at $33,425 and $32,432 if the need arises.
Looking at the technical indicators, the Relative Strength Index (RSI) stands at 50.01, indicating a balanced market with no clear indications of overbought or oversold conditions.
Although the specifics of the Moving Average Convergence Divergence (MACD) are not provided, its relationship with the signal line could offer insights into bullish or bearish trends. The 50-Day Exponential Moving Average (EMA), situated at $34,622 and currently positioned below the price, suggests a short-term bullish inclination.
The pattern on the chart suggests an upward channel, indicating a potentially bullish trend. However, the market is currently seeking confirmation through a sustained price movement within or above this channel.
In summary, the sentiment in the Bitcoin market can be described as cautiously bullish. The short-term outlook hints at a potential test of the immediate resistance at $35,352, provided that the support levels remain intact and bullish market indicators continue to strengthen.
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