. However, the surge from $28,000 was"largely untested," Joe DiPasquale, CEO of crypto asset manager BitBull Capital, wrote in an email to CoinDesk.
“Even though it breached $30,000, the price was likely to look for support on the downside and potentially consolidate before another leg up,” DiPasquale said, adding that with BTC recently sticking around mid-$29,000, most indicators on the hourly time frame, such as Relative Strength Index and Stochastic RSI, hint at a spike upward.
“What the bulls will want to see is a strong bounce from between the $28,000 and $29,000 range and a reclaim of $30,000 in the coming days," he said, although he also noted that BTC’s price could decline to $23,000 before rebounding – In this case, “it may take longer for upside to materialize.”that traders who bet on prices’ shifts have liquidated over $32 million worth of BTC long positions since Sunday evening versus some $1 million of BTC short positions.
Riyad Carey, research analyst at crypto data firm Kaiko, said that several macroeconomic factors, including Monday’s
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