Currently, the bitcoin market decreases to at least 22.94 % of the peak at all, and about 1.84 % of the closing price on March 1. This month, the American stock market also witnessed a 6 % decrease. Experts blame the sharp decrease in the global liquidity of the declining trend in the market. However, reports indicate that global liquidity has touched its bottom. Can Bitcoin see a reflection? This is what you should know!
Why do experts believe that bitcoin may reflect soon
Reports indicate that global liquidity has been bothered. This indicates that liquidity is likely to start to increase soon.
According to experts, there is 80 % correction between bitcoin and global liquidity. The association of 80 % is very high. This means that there is an 80 % probability that the bitcoin price will rise if global liquidity improves.
The main indicators for monitoring Bitcoin prices
Here are the basic indicators that one must see:
The level of resistance
Currently, Bitcoin price is 84,185.01 dollars. Analysts refer to the resistance of about 87 thousand dollars, 90 thousand dollars, 92,500 dollars, 94 thousand dollars, 95 thousand dollars and up to 100 thousand dollars. When BTC penetrates these levels with strong trading volume, it indicates that buyers overcome the pressure pressure.
The pure flow of bitcoin exchange
When investors move Bitcoin away from the stock exchanges, it often indicates that they are confident of the capabilities of the original in the long run. Therefore, it is important to monitor the flow of bitcoin inside and outside the exchange of cryptocurrencies.
According to Coinglass, the total BTC exchange balance sits at 2,197,123.37. Changing it 24 hours is +16629.17 and changing it for 7 days is -7184.75. Yesterday, the Bitcoin +3.81K BTC portfire flow.
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Technical indicators
The golden cross is often seen, where the short -term moving average is seen as a bullish sign. The SMA-50 from BTC is still at 88,254.66 dollars, and SMA-200 assets is 86,180.45 dollars.
RSI is still in BTC at 46.57. If the RSI moves constantly above the level of 50 neutral and heads towards the peak purchase area (above 70), this may indicate an increase in the purchase momentum.
In conclusion, with global liquidity showing signs of recovery, Bitcoin can prepare for an upward step.
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Common questions
With global liquidity recovery, bitcoin prices are expected to rise due to the high association between liquidity and bitcoin value.
According to the PTC price forecast in Coinpedia, the BTC’s height can reach $ 169,046 this year if the upcoming feelings persist.
