The post BTC To Remain Range-Bound Below $60,000! Are The Bears Up From Hibernation? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The global crypto market continues to remain stuck in a rut, overcoming which has been a tedious task for the industry. Digital assets from the business have been finding it difficult to sustain against the torrential torments. As a result of which, a number of digital assets continue to trade with chunkier discounts from the all-time highs.
The ongoing geopolitical tensity, alongside growing inflation, FED’s rate hike amongst others, have been a growing concern for the broader community. The sentiments in the markets are currently at extreme fear, with a score of 22, amidst bearish market trends. Whilst savvies foresee the possibility of BTC being range-bound below $60,000. Things on the weekly time frame seem to be optimistic.
Will These Rationales Call The Bears?
Crypto proponent Lark Davis enlightens that the market scenarios have been resembling those from the past. Like that of the Asian financial crisis and Russian default of 1998. Where, SPX went down to 20%, Europe to 35%, Asia to 70%, and Russia to 85%. The business has been at stake due to geopolitical tensity, oil price hike, high inflation, FED’s rate hike, amongst others.
Major central banks have reportedly printed ~$12 Trillion in the past two years. Which is one of the catalysts behind growing inflation. The global economy has been ebbing in view of the geopolitical tensions, and growing inflation rate. Folks have been anxious around FED’s meeting and a possible hike in interest rates, which is nearing the horizon.
Successively, the FED’s rate hikes have made significant impacts in the past, which could possibly come into play. During 88’ the economy saw a 5% rally, then a 4% dump, 94’ led to a 7% dump. 99’s hike saw a 25 rally, then an 11% dump, 04’ led to a 7% dump. And 15’ saw a 10% fall following a brief rally. The average time to reclaim pre-hike levels has been 18-weeks.
Is BTC Price Optimistic On The Weekly-Time Frame?
The star crypto Bitcoin remains fundamentally strong and optimistic on the higher time frame. However, the price action continues to follow the macro environment, which is clearly evident on the charts. Successively, BTC at the time of press is changing hands at $42,137.11 with gains of 8.1%. Whilst the market cap is floating at $799,697,307,081, the 24-hour volumes are at $29,483,871,768.
A protagonist cites that, Bitcoin on the weekly time-frame is in an ascending triangle. With formations of low and a higher low on the charts. Whilst the ceiling limit is around $65000 to $66000. A number of indicators have been signalling the future prospects of BTC.
Consequently, a hidden bullish divergence has been in play with the RSI. As the price has been moving up, the RSI has made lower lows. Which historically has shown price appreciation. The stochastic RSI moving above 20 on a weekly view, has previously seen large movements. The MACD is starting to flatten out, if it curls up towards a cross, a price surge could prevail.
Summing up, whilst things on the higher time frame seem to be optimistic around BTC. Howbeit, things in the shorter time frame do look dreary. A number of rationales have been in favour of the bears, which will be up from hibernation. That said, it is wise to factor in the said scenarios, prior to making trade decisions.