The price of Bitcoin is currently just below $28,000. This level has been tested several times this week. Current data suggests that the market may continue to rise with the support of BTC. However, the macro situation will be highly volatile in the coming week. We will discuss the roadmap of the cryptocurrency based on current expectations and forecasts. (Official account: Pepe Soha)
Will cryptocurrencies rise?
Bitcoin is priced at $28,000 and investors are extremely frustrated with the narrow range and boring movements. Despite the rise in the US dollar index and negative macroeconomic data, the price maintaining the $27,000 threshold still gives hope.
The key resistance zone is located at $28,143, and it is crucial for BTC to turn this level into support for future movements. On the other hand, short-term BTC investors seem to believe in this rally. Short-term investors represent addresses that bought BTC in the past 155 days and currently hold it. This group's reaction to price changes tends to strengthen momentum.
Short-term Bitcoin investors
CryptoQuant analyst Tarekonchain evaluated the BTC realized price-UTXO age range. This metric includes a token distribution model among STHs when the BTC price reaches the level at which they buy tokens.
Current data shows that short-term investors are currently taking profits but are avoiding selling. Waiting for STH Group earnings is seen as a bullish signal for prices.
“So far, there have been no major Bitcoin outflows from these groups. This lack of activity suggests these investors are holding their positions and avoiding large-scale sell-offs. If they do not start moving their assets to exchanges, Bitcoin prices may continue to rise.”
The RSI is approaching overbought territory on the 4-hour chart and just above neutral territory on the daily chart. However, weak volume prevents us from experiencing a rapid surge similar to that seen in early 2023. During those days, we saw billions of dollars worth of spot purchases in a matter of hours. Now, prices are more determined by demand on the futures side.
The upcoming inflation data next week could support short-term investors’ selling trend as there are concerns about a sharp resurgence in headline inflation due to higher fuel prices over the past month.
