According to information disclosed by Rakesh Upadhyay for the Cointelegraph portal, "Bitcoin is on track to end the week in the red, but one positive sign for bulls is that the price has recovered from the intra-week low of around USD 61,000 to over USD 65,000. This shows that traders remain long-term bullish and are buying the dips."
In this sense and according to Ki Young Ju (CEO of CryptoQuant), "new Bitcoin whales, who bought Bitcoin ETFs, have a base on-chain cost of USD 56,000. He anticipates that purchases will increase if the price of Bitcoin reaches USD 56,000."
On the other hand and according to data from Fairside Investors, "GBTC outflows fell to just USD 170 million on March 22. This suggests that selling pressure may be easing. If Bitcoin ends March above USD 61,130, it would be the first seven-month winning streak in history."
From the technical side another data point to note is that, "the 20-day exponential moving average is gradually flattening and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand. The BTC/USDT pair could range between USD 60,775 and USD 69,000 in the near term."
Similarly, "The 20-day exponential moving average (USD 0.15) has started to rise and the RSI is in positive territory, indicating that the bulls are attempting a comeback. A break and close above USD 0.19 could start the journey towards USD 0.23 and then USD 0.30"
SOURCES CONSULTED
Cointelegraph. Bitcoin price aims for a bullish weekly open — Will DOGE, TON, STX and FTM follow?. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
