After almost 2 weeks of retreating, since yesterday Bitcoin has been fully willing to set new all-time highs, today with the price at 56K, the outlook is clearly bullish.
At the time of this writing BTC is trading at $ 56,236. Accumulate a gain of 4.38% in the last 24 hours and 7.07% in the last 7 days.
With the release of the US consumer price index a few hours ago, expectations of an increase in inflation continue to grow.
Although the data was not so discouraging, the recklessness of monetary and fiscal policy, together with an economic rebound, continues to generate concern among investors. Consequently, the price of Bitcoin continues to strengthen because it is considered a form of value safeguard.
In the short term this could be causing a rise in Treasury yields and pushing the dollar higher. In turn, this scenario puts downward pressure on risk assets such as BTC and stocks.
However, because the data was not very far from what was expected, it may be that what happened 2 weeks ago with the rise in bond yields has already discounted the effect caused by this indicator.
In any case, in the medium-long term if the inflationary risk continues to accentuate, which is most likely, Bitcoin would continue to benefit.
Parabolic trend should take Bitcoin to new highs very soon
After a correction of just over 26%, Bitcoin is ready to resume its strong uptrend, one that could easily make the current 56k seem little.
Although the pullback was not too healthy if we notice the previous big rise, at a time like the current one it is more than enough. And thanks to a previously undeniably bullish trend, there was no reason to expect much more selling.
With institutional buying with every discount that the price offers and holding previous positions with total conviction, trying to go against the tide is a very bad idea.
As I have commented on several occasions, at this point each fall is a good buying opportunity for those who have their sights set on the long term.
Short-term trend returns to the hand of the bulls
With a price above 56k today, it is quite clear that Bitcoin has resumed its short-term uptrend; And although we could see some resistance near 57.5k, a small correction will be nothing more than seeking demand before continuing to climb in search of new highs.
Faced with such an uptrend, breaking through that previous all-time high shouldn’t be a major problem.
The picture is pretty clear. We may see some slight correction in the next few hours, due to how developed the short-term momentum is. Similarly, the best idea is to position yourself in favor of the trend.
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