Bitcoin may be the bottom and could bounce around $ 90,000 after US President Donald Trump reported a desire to relieve prices and the federal reserve resisted short-term pressure last week, according to a crypto analyst.
“Bitcoin tries to form a background, supported by Trump’s recent transition to the flexibility ” on the reciprocal prices of April 2, softening his previous rhetoric,” said the founder of 10x Research, Markus Thielen, in a report on March 23.
The federal reserve indicated at her meeting from her meeting from March 18 to 19 that she “would also look at the short -term inflationary pressures, laying the foundations for a potential future relaxation,” added Thielen.
“The slightly dominant tone of Powell suggests that the Fed stir remains intact, providing additional support for resumption of stock prices.”
The Bitcoin reversal indicators of 10x Research have become bullish accordingly, with the 21 -day Bitcoin (BTC) mobile average at $ 85,200, Thielen noted.
Botcoin Botcoin training in the past two years. Source: 10x research
He said that these weekly inversion indicators have withdrawn at levels where the old bull markets resumed, as in September 2023 – stimulated by the story of the Bitcoin negotiated – and August 2024 fund as the US elections approached.
“In short, the technical backdrop has now reset to a point where an upward renewed trend could take place in a plausible way.”
Thielen also noted that several altcoins were already coming out of their canals down and are negotiated at “more attractive levels”.
Bitcoin is currently negotiated at $ 85,720, up 2.1% in the last 24 hours, according to Coigecko data.
Meanwhile, Ether (ETH), Tron (TRX) and Avalanche (AVAX) rebounded 4.3%, 6.4% and 8.9% respectively in last week.
The cryptographic research analyst, however, plans to see “significant resistance” at $ 90,000 for Bitcoin, if she reached this level.
Despite the most positive perspectives, “no clear catalyst exists for an immediate parabolic rally” is in sight, said Thielen.
In relation: Bitcoin ‘in position’ for the first RSI Key escape in 6 months at $ 85,000
He first declared that Bitcoin would not drop below $ 73,000 – thus avoiding a “deep bear market” – because the biggest support for Bitcoin holders (portfolios with 100-1000 Bitcoin) are probably family offices and wealth managers who are invested in long -term Bitcoin.
He also noted that the FNB Bitcoin, based in the United States, had returned the entries for the first time last week since the last week of January.
“We expect Bitcoin ETF to sell investors focused on arbitration ends, because arbitration opportunities have been mainly closed for weeks,” added Thielen.
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