bitcoin (BTC/USD) A rally to a high of $28,500 this weekend saw the benchmark cryptocurrency make a macro high and break a macro downtrend. The cryptocurrency is currently trading around $27,800 on the major crypto exchange, Here we highlight the outlook of three top crypto analysts.
Bitcoin Makes Macro Higher – Analysts Suggest Bear Bias Is Over
Scott Melker, a top crypto investor and technical analyst, says that the price action at the new year high confirms the end of the bear market. this is because Bitcoin Just made a macro high since hitting an all-time high of $69k in November 2022.
As the BTC price crossed the $28,000 level, Melker said in a tweet:
“The bear market is officially over. $BTC made its first high ($25,212) since the all-time high. This confirms a new bullish trend. The price may still go down, but this is a There will be a new trend, not a continuation of the previous bear market. Congratulations everyone.”
Crypto analyst Rekt Capital also shares a similar outlook for bitcoin. as before Thrown light on, analysts are predicting that a technical breakthrough for BTC was imminent. Analysts now say that a new macro higher indicates a invalidation of the immediate “macro bear bias”.
BTC defies challenging market conditions
Bitcoin’s strong performance over the past week comes at a time when the broader market is navigating challenging conditions, especially after a few days of major woes. banking industry, The Fed and major US banks have injected much-needed liquidity and facilitated swap lines to protect the system from further chaos. Swiss banking giant UBS (NYSE: UBS) has also moved to acquire troubled bank Credit Suisse,
Despite these steps, the market is in the grip of fresh shocks. If a black swan event occurs in the short term, the price of bitcoin could react negatively along with global financial markets.
According to cryptocurrency analyst Michael van de Poppe, Bitcoin needs to hold the $27,700 price level. If this happens, the bullish momentum could propel the price towards $30k. However, he says that the bulls appear to be a bit tired, which could signal a possible retracement towards the $25k support.
Rekt Capital also highlighted the first key demand area to be the 200-week moving average zone. He They say The price level on the technical indicator formed a stubborn resistance zone in recent weeks. He noted earlier Monday:
“The 200-week MA has served as a strong resistance for BTC over the past month. This is a logical retest point that should push $BTC deeper from here.”