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Bitcoin continues to grow in a sideways channel between $34,000-$45,000, where a triple-bottom reversal pattern was formed earlier. Although it already seems crooked now, there are other signs of possible growth on the daily chart. However, this is possible only if the price breaks through resistance near $45,000 and fixes above this level.
In yesterday's report, I noted that over the past two weeks there has been an institutional outflow of capital from bitcoin-backed products. In contrast to this unpleasant fact, there is another outflow of digital assets from cryptocurrency exchanges.
Recent data suggests that this outflow may signal an accumulation of volumes and the possibility of new upward momentum on BTC.
Over the previous seven trading sessions, bitcoin has added nearly 7%. Much of this movement has been attributed to institutional trades, with growing interest from big Wall Street firms.
Inflation in the US forced the Fed to raise rates. Potentially, it remains a threat to the crypto market amid its correlation with the stock market. Nevertheless, last week's Fed rate hike did not lead to a drop in the BTC/USD pair.
According to Intotheblock's crypto research, Bitcoin showed its largest outflow from exchanges in more than a month on Monday. More than 15,000 coins were moved from exchanges at the time. Historically, a significant outflow has always preceded a significant jump in BTC prices.
In late January, when more than 14,000 tokens were last moved off exchanges, the price of Bitcoin rose by nearly 20% in a week reaching above $44,000.
The case for a BTC rebound is supported by the fact that less supply of tokens usually leads to higher prices. As a large number of tokens are withdrawn from active exchanges, the supply of BTC is bound to shrink, which is likely to support prices.
So far, even with the recent successes, sentiment toward the cryptocurrency market is largely limited. The economic turmoil caused by the Russia-Ukraine conflict is one of the main factors reducing optimism, especially since inflation is expected to rise following it.
While the flagship cryptocurrency managed to avoid initial market weakness due to the hawkish stance of the Fed, it is eventually expected to come under pressure from tighter monetary policy this year as well. We are talking about a correlation with the stock market, which usually responds to interest rate hikes. Technically, there are prerequisites for growth.
Now in the range of $34,000 - $45,000 per bitcoin we see a series of consecutively rising highs. An upward support line is outlined and as a consequence, an upward triangle.
Notably, two-thirds of the pattern has already been formed, the rule of four touches has been implemented. Now BTC is likely to break through the triangle upwards. This suggests a possibility of growth of BTCUSD to the nearest technical level in the area of $53,000.
The only question is how fast it will happen. Perhaps, already at the nearest approach to the resistance of the sideways channel, or maybe there may be another pullback in the triangle.
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