As Bitcoin (BTC) Remains Stuck Below $29,000, These 9 Indicators Suggest the Bull Market Remains Alive and Well
Bitcoin (BTC) remains stuck to the south of the $29,000 level amid a lack of fresh positive catalyst to sustain the bullish momentum that saw it hit fresh yearly highs around $31,800 earlier this month.
The cryptocurrency is for now holding to the north of its 50-Day Moving Average at $29,100 as Wednesday’s US Federal Reserve policy announcement looms.
Markets are expecting a final 25 bps rate hike from the central bank, taking interest rates to 5.25-5.50%, their highest level in 22 years.
While this expected rate hike is unlikely to impact bitcoin, the bank’s tone on the outlook for fresh interest rate hikes could trigger some volatility.
The Fed has signaled they could hike rates again later in the year given the still strong labor market, though recent improvements relating to the US inflation rate has eased pressure on the bank to keep hiking.
The fact that the end of the Fed’s tightening cycle is near has been widely touted as a key reason why the bitcoin price outlook is looking up from here – traders will recall that the Fed’s aggressive tightening last year to combat surging inflation was a key reason why the bitcoin price got hammered so badly.
Other factors such as increased institutional interest in bitcoin, as represented by the wave of recent spot bitcoin ETF applications from Wall Street heavyweights like BlackRock, and XRP issuer Ripple’s recent partial legal victory over the US Securities and Exchange Commission (SEC) are arguably also major tailwinds for the bitcoin outlook.
But it isn’t just fundamental factors that suggest things are looking up for bitcoin.
Here are ten widely followed technical and on-chain indicators that suggest the bull market that began in 2023 remains alive and well.
When bitcoin breaks
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