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Bitcoin (BTC) is coming back from the dead, experts hope for new gains



 Bitcoin: first sideways, then upswing?

As data from Cointelegraph Markets Pro and TradingView shows, BTC/USD remains within the tight range that has already been forming over the past week.


This is by no means a sign of strength, however, as the market-leading cryptocurrency has closed in the red for the eighth consecutive week, setting a new negative record. After all, the losses are still limited.


Since the experts are largely in agreement that the bottoming out is not yet over, positive forecasts are currently in short supply.


Nonetheless, crypto market researchers at Material Indicators are seeing signs today that market participants are anticipating a bounce before a possible further downturn.


"The daily chart is looking good, the market is initially pointing to an upleg, but that doesn't say anything about what this will look like," the analysts said. To which they add :


“FireCharts show there is clear resistance at $30,700 and $32,000, so there might be some sideways action before bounce follows.”

In the accompanying diagram, the crypto experts refer to the order book of the leading crypto exchange Binance, from which they draw their conclusions.

However, in a previous post , analysts at Material Indicators emphasized that they also do not consider Bitcoin’s bottoming to be over yet.



The positive interpretation that there will be gains again beforehand, however, also supports expert Rekt Capital with a view to the weekly chart, which is slowly pointing upwards again.


US dollar continues to lose

The macroeconomic drivers are coming from the US today as President Joe Biden plans to ease tariffs on trade with China, which promptly boosted US stock markets.


At press time, the S&P is up 0.66%, while the Nasdaq 100 is also avoiding new losses.


The push for risky financial products has weakened the US dollar, so to speak, so the US Dollar Index (DXY) is now back to earth after the twenty-year record high of the past few days.

“The DXY is falling and it is likely to fall further unless the 104 mark can be recaptured,” opines crypto trader Johal Miles .


However, analyst Kevin Svenson believes it will be the stock market that will set the direction for BTC/USD going forward.


"BTC is only two days away from setting off fireworks," said the expert. And further :


"But which way will it go? The stock market will decide the fate of bitcoin.”

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