The world’s first cryptocurrency yesterday bitcoinexceeded the $24,000 level. It then reached its highest level in six months. In fact, earlier today, the price of Bitcoin had risen above $ 25,000. However, this move could not continue for very long as BTC was rejected near $25,120. Since then, the asset has been in a downtrend.
At the time of writing, Bitcoin was priced at $23,732 after a 3.73% loss in the last 24 hours.
In addition, reports claim that the overall market cap has also dropped about 3% and is currently at $1.09 trillion. However, trading volume increased 10% to reach $80.7 billion.
Koinfinans.com As we reported, one of the most likely reasons for Bitcoin’s downward move could be strong inflation data, with weekly jobs in the US declining. This has caused the cost of energy products to rise and the Federal Reserve to raise interest rates.
Meanwhile, total liquidation was recorded at $185 million last day as traders liquidated more than 59,000 funds. The highest liquidation was recorded from Bitmex with $2.53 million.
Big Gains Await Bitcoin Price
On the other hand, according to Mohit Sorout, crypto analyst and co-founder at Bitazu Capital, the DCA indicator has emerged, which is considered to be the basis of all Bitcoin’s bullish signals. This is an indicator that predicts Bitcoin’s performance when invested on a dollar-cost average basis.
the mother of all $btc bullish signals has flashed – DCA indicator
Historically, it has flashed only thrice in btc’s existence & each occurrence led to massive rallies of
7400% (2015)
160% (2019)
640% (2020)Today marks the 4th time this signal is suggesting a raging bullmarket pic.twitter.com/suMVlWFrzc
— Mohit Sorout 📈 (@singhsoro) February 16, 2023
Moreover, it has been observed that Bitcoin registers big gains whenever the DCA indicator shines. For example, BTC reached 7,400% in 2015, 160% in 2019, and 640% in 2020. While this is the fourth time DCA has happened, Bitcoin could see a big jump ahead.