• Bitcoin is holding a key support level, suggesting bullish trends may emerge.
• The dollar’s dip in value could be why BTC has endured a small slip.
• Analysts believe the DXY could experience price discovery, with bitcoin going up and the DXY going down.
Bitcoin Gains Technical Stability
Positive signs are emerging for bitcoin on technical charts, as the world’s number one digital currency by market cap is holding a key support level that could insinuate bullish trends will again emerge for the asset in the coming weeks and months. Currently trading in the low $27K range, some believe this is due to its ties to USD as of late.
Analysts Weigh In On Bitcoin
Alex Kuptsikevich – senior market analyst at FX Pro – said that by defending this key average, the bulls have convinced the market of the sustainability of the long-term bullish trend. Ilan Solot – co-head of digital assets at Marex – further noted that if cautious buyers are to come back into play, bitcoin will need to reach at least $28,500. Additionally, analysts at Swiss Block Insights mentioned that depending on how violent the dollar upswing gets, it could cause some short-term damage to assets like commodities and crypto.
Long-Term Wallets Holding onto Coins
Solot also pointed out that there are many long-term wallets that have held coins for at least a six-month period prior to press time. This suggests that investors remain optimistic about BTC’s future prospects despite current market conditions.
Earn Your First Bitcoin
For those looking to get started investing in bitcoin, signing up for an account can earn you a bonus of $12 with referral bonuses up to $3,000 available.
Conclusion
Overall, technical charts indicate positive signs for bitcoin’s future as it holds steady at its key support level and long-term wallets continue to hold onto coins despite current market conditions. With potential price discovery involving both BTC and DXY on their respective sides of things soon enough too, it remains exciting times in crypto space as we move forward into summer 2023 and beyond!