As investors maintain their curious vigilance over Bitcoin (BTC), Glassnode co-founder Yann Allemann posits that the leading cryptocurrency could be ready for a rise.
Glassnode Co-Founder Expects a Rise in Bitcoin
Allemann, in a tweet from his personal Twitter account, underscored the exhaustion of selling pressure in the leading cryptocurrency, following numerous unsuccessful attempts to drop below the 200-day simple moving average (SMA) — a critical support level and trend line. Furthermore, he implied that the 50-day SMA’s ascent over the 200-day SMA might signal a bullish trend in BTC price.
Allemann’s bullish remark for Bitcoin closely followed the cautious sentiments expressed by JPMorgan Chase CEO Jamie Dimon, who recently warned of potentially rising interest rates in the US. During the investor day of the US-based giant investment bank, Dimon suggested that interest rates could surpass the current 5% and could climb up to 7%.
Dimon’s interest rate remark suggests a potential decline for risky assets like Bitcoin, which would inevitably be impacted by a strengthening US dollar. Moreover, the Federal Reserve (Fed) recently continued its tightening monetary policy by raising the benchmark interest rate to a range between 5% and 5.25%.
The Fed is currently in the midst of debates regarding whether to proceed with the interest rate hike at the June FOMC meeting. This situation contributes to the uncertainty in the cryptocurrency market while increasing downward pressure.
Last Situation in Bitcoin
According to data provided by CoinMarketCap, Bitcoin is trading at $27,283 with a 1.57% increase in the last 24 hours. Despite the adverse macroeconomic condition surrounding Bitcoin, Allemann’s analysis signaling a potential rise in the leading cryptocurrency appears rather noteworthy.
The market’s response to both the anticipated Fed interest decision and the supportive technical signals pointed out by Allemann remains uncertain. Hence, investors are closely tracking the leading cryptocurrency.
