Ali Martinez, a trader and cryptocurrency expert, posted a bright outlook on Twitter. Given that the TD Sequential indicator has displayed a buy signal on a Bitcoin one-hour chart and a positive divergence against the RSI, he thinks that the leading cryptocurrency is likely to recover.
Martinez said that if Bitcoin is able to maintain above the $24,800 mark, an increase to $25,300 or even $25,500 may be feasible.
Bitcoin’s illiquid supply keeps growing
The crypto community is continuing to amass BTC and shift these funds to illiquid wallets, according to Glassnode, an on-chain data source. According to a recent tweet, more than 119,000 Bitcoins are added to cold wallets each month, contributing to the cryptocurrency’s increasing illiquidity.
The Glassnode analytics team draws this conclusion: it shows that HODLing BTC is currently the dominant market dynamic.
Bitcoin responds to recent Fed decision
Fed Chairman Jerome Powell has stated, as reported by U.Today, that the bank aims to postpone its strategy of rate hikes. Despite the fact that the cryptocurrency community had been anticipating such move, Bitcoin quickly fell to a low of $25,900.
This demonstrates that despite the fact that macroeconomic changes are often anticipated, the crypto market is nevertheless quite susceptible to them.
According to information provided by CoinMarketCap, Bitcoin is currently trading at $25,040, having decreased by 3.63% over the previous 24 hours.
