The price of Bitcoin has recovered from the local bottom of $53,300 and the uptrend has been going on since then. The bullish sign in Bitcoin and Ethereum encouraged altcoin investors to take positions and buy their favorite alts on the spot market.
There are a couple of reasons for the current valuation. Majorly, the " temporary " selling pressure on Bitcoin, due to Mt. Gox's coin distribution and the German government's selling plans, has been overcome with the help of positive data.
Now, the market is heading for another higher - high in the charts with new narratives. First of all, the expectation of Trump's crypto conference pushes the prices higher because it is a well - known fact that Trump supports the mass adoption of crypto and crypto investors' votes mean a lot for the election results!
Aside from that, we will wait for some data on the Core PCE Price Index in the U.S.
The expectation is as low as 0.2% but any data above this percentage may create a fearful atmosphere in the markets. However, the trend of the inflation in the U.S. is already downward and the likelihood of getting 0.3% or above does not seem very likely.
The technical chart has some things to say, as well.
0.5 Fibonacci level of the uptrend is almost tested in Bitcoin. In the case that we can have a weekly close above $70K this week, we can expect another all - time - high before the summer is over.
So far the price actions and the narratives are on our side. The continuum of the bullish sentiment has to continue so that newcomers can have an appetite to buy our coins from higher levels.
I would love to think positively and expect more long green candles. However, the market maker may choose to hit around $62K once again to liquidate some longs before another ATH test, too.
What do you think about the current price of Bitcoin?
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Posted Using InLeo Alpha