Popular analyst Ali Martinez https://twitter.com/ali_charts/status/1785040257089437956 one important signal that may indicate that Bitcoin has already seen the top of this bull market with the all-time high of $73,800 on March 14. By reaching that all-time high, Bitcoin has already surpassed the gains achieved in 2018, 2021 and 2022.
“Last month, just as Bitcoin reached $73,880, profits shot up to $3.52 billion. That could be the signal of a potential market top for Bitcoin!”
Need more confirmation
More confirmation is needed, according to Martinez, to confirm his bearish outlook. “I’m still waiting for another confirmation before I dare to call it a top. For example, a sustainable close below the realized price for short-term holders, which is currently around $59,800.”
For example, Bitcoin would have to close below that price this week. Although it also seems exaggerated to conclude that Bitcoin has already seen its top for this bull market.
“If Bitcoin can break above $66,250 and reclaim this territory, the bearish theory would be consigned to the realm of fables. Rising above 66,250 will give Bitcoin the strength to initiate a push towards the $69,150 level.
Macro climate is putting pressure on the Bitcoin price
It now seems to be mainly the macroeconomic climate that is putting pressure on the Bitcoin price. We saw inflation rise in the United States during the first three months of 2024, forcing the US central bank to postpone its interest rate cuts.
An interest rate meeting of the US central bank took place yesterday. As expected, they left interest rates unchanged, but the focus was mainly on chairman Jerome Powell’s press conference.
He indicated that the US central bank is in any case not thinking about interest rate increases, but that they are mainly looking for confirmation that inflation will fall.
If they become convinced that inflation will soon fall towards the desired 2.0 percent, interest rates can probably be lowered a little faster than expected. That could be very good for the prices of financial assets.
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