Bitcoin Analysis by Glassnode Founder! Is the Direction Determined in BTC?

in mid-April to $31,000. bitcoin Since then, it has experienced sharp and sudden declines.

currently consolidated within a certain range BTC’While investors want to see over $30,000 again, Glassnode co-founder Yann AllemannBTC sharing came from .

Bitcoin’s last consolidation period BTC Stating that it could be a sign of significant price action for the economy, Yann Alleman said that BTC may be on the verge of an explosion to $ 35,000.

In this context, Glassnode co-founder pointed out that Bitcoin consolidated before reaching $35,000, and pointed out that the dollar liquidity in the market has also increased.

Stating that the increase in dollar liquidity is also a sign for the rise of BTC, Alleman said:

“Dollar liquidity in the market is increasing. Is this the trigger for the rise in Bitcoin?

USD market liquidity is slowly increasing and it looks like it has the potential to spark a significant bullish move in BTC.

Could this be the anticipated catalyst for the $35,000 run?”

Liquidity is rising. The trigger for #Bitcoin?

💲 USD market liquidity is slowly rising, holding the potential to ignite significant movement in BTC. 🚀

Could this be the awaited catalyst for the $35k run? 🤔

Stay tuned for exciting developments! 📣💫#CryptoMarket #BTC… pic.twitter.com/UWSmGLBy05

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) May 17, 2023

Stating that BTC is ready to rise, Alleman wrote in a blog post apart from his Twitter post:

“The long-term trend in Bitcoin indicates that the price will go higher, but long-term buyers i.e. bulls need to step in.

In addition, the shorts were sold out and extreme fear spread across the market. This often leads to bullish movements.”

Pointing out that Bitcoin has not fallen below SMA50 and SMA 200, which are already solid and important support levels, Alleman stated that SMA 50 has passed SMA 200, and this transition also confirms the upward trend.

*Not investment advice.