Bitcoin Price Flashes Rare Bullish Signal
It was just yesterday that the world’s first cryptocurrency, Bitcoin, had hit its six month high after surpassing $24,000 level. In Fact in the early hours today the Bitcoin price had even spiked above $25,000. However, the move couldn’t last for too long as BTC was rejected for around $25,120. Since then the currency has been on a bearish pull back.
At the time of publication, Bitcoin is priced at $23,732 after a loss of 3.73% over the last 24hrs.
Further the reports claim that the total market cap has also dropped nearly 3% and is now positioned at $1.09 trillion. However, the trading volume has climbed by 10% hitting $80.7 billion.
One of the most possible reasons for Bitcoin’s downward movement could be the strong inflation data along with decreasing weekly jobs in the US. This has resulted in the increased cost of energy products and raising interest rates by the Federal Reserve.
Meanwhile, the total liquidation has recorded a $185 million mark in the past day as the traders have liquidated over 59K funds. The highest liquidation was registered from Bitmex which accounted for $2.53 million.
Massive Gains Ahead For Bitcoin Price
On the flip side, as per Mohit Sorout, crypto analyst and co-founder at Bitazu Capital Bitcoin’s DCA indicator which is considered the mother of all bullish signals has shown up. This is the indicator which estimates Bitcoin’s performance when it’s invested on a dollar-cost averaging basis.
Moreover, it’s been recorded that whenever the DCA indicator has flashed Bitcoin has recorded huge gains. For instance in 2015 BTC hit 7,400% high, 160% in 2019 and 640% in 2020. While this is the fourth time that DCA has occurred, Bitcoin might see a huge jump ahead.