bitcoin And altcoins Despite the positive inflation data, it experienced sudden and sharp decreases.
Positive inflation data last week pushed Bitcoin above $28,000 while negatively correlated with BTC Dollar Index (DXY) experienced a decline.
However, this rise in BTC was short-lived and DXY put pressure on risky assets, including Bitcoin.
However, sellers failed to hold BTC below the 200-week simple moving average, and Bitcoin started the new week with a rise after these dips.
While it is not known whether this rise is the weekend pump or the beginning of a rise that will throw BTC above $ 30,000, analysts shared their Bitcoin expectations.
“Bitcoin Must Break This Level!”
Speaking to Coindesk, Alex Kuptsikevich, senior analyst at FX Pro, noted the importance of the 200-week simple moving average in BTC.bulls convinced the market that the long-term uptrend is sustainable.” said.
“Bitcoin must surpass $28,500 to provide stronger evidence that the bearish price is over, to show that it is ready to rally. “
“Bitcoin and Altcoins May Fall While DXY Rises!”
Another analyst evaluating Bitcoin, Ilan Solot, head of digital assets at Marex, said that DXY has risen and BTC like cryptocurrenciesHe said he expected it to continue to put pressure on him.
“I think the dollar should bounce back as the markets are rising in line with the Fed’s easing signals.
In this context, I expect a pullback in BTC. However, I believe this pullback in BTC will be short-lived and will offer a great entry point for investors.”
Swissblock Insights analysts also stated that DXY will rise in the short term, but then reverses, DXY falls and BTC moves up.
“Considering that DXY has crossed 102 since mid-March, DXY could reach any level from 104 to 107.
This upcoming dollar bounce will pave the way for a deeper drop in cryptocurrencies like BTC, which will bode well.
However, this situation will reverse after a month and both Bitcoin and DXY will see new price levels.
It is likely that DXY will go down as Bitcoin price goes up.”
Bitcoin continues to trade at $ 27,430 at the time of writing.
*Not investment advice.
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