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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Can The Bitcoin Price Continue To Rise In The Short-Term? Market Update

Jake Simmons
Jake Simmons
1 year ago
3 mins read
bitcoin

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After the rapid rise above $30,000, the Bitcoin price is currently taking a break and hovering around the round number. In the medium term, Bitcoin looks bullish, but what about the short term? Can BTC continue to rise or is a correction looming?

Axel Adler Jr. has published an analysis of Bitcoin’s on-chain data on this matter. In a series of tweets, Adler writes that the BTC inflow/outflow ratio on the 7-day moving average (MA7) is currently in positive territory, meaning that BTC inflows to exchanges are exceeding outflows.

Adler concludes from this that investors may be preparing to sell BTC. However, he says that this value should be interpreted with caution, as it does not always correlate with future price changes. Nevertheless, the interpretation is confirmed by the BTC Netflow 7-day Simple Moving Average (SMA 7), which is also in the red zone.

On the other hand, bullish signals are sent by the Bitcoin Net Taker Volume MA7, which is positive and indicates that the buying volume exceeds the selling volume. This could indicate increased demand and a short-term rise in the BTC price, the analyst said.

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Also supporting short-term price growth is the Futures Sentiment Index, which is based on average open interest and average funding rate. Currently, the index is rising, suggesting growth potential. Thus, Adler concludes, “Mixed BTC market situation!”

Will Bitcoin Bulls Or Bears Win In The Short-Term?

However, on-chain analyst James V. Straten has discovered another bullish signal. Via Twitter, the analyst shared the chart below and stated:

Interesting developments from #Bitcoin whales. They have started accumulating again, while all other cohorts slow down accumulation. Whales buy value. $30k the new floor?

Bitcoin whales are waking up
Bitcoin whales are waking up | Souce: @jimmyvs24

In addition, according to on-chain data provider Santiment, social metrics are showing a bullish signal as the crowd is still skeptical of the rally. “Traders are beginning to show signs of FUD. Historically, this is a good sign for patient bulls, as markets typically move the opposite direction of the crowd’s expectation,” Santiment states.

Bitcoin social trend
Bitcoin social trend | Source: Twitter @santimentfeed

Technical analyst Michaël van de Poppe also believes that Bitcoin can continue to rise. As long as the BTC price stays above $28,600 or $27,800, the analyst expects that the markets will not decline too much.

On the lower time frame, van de Poppe sees $29,300 as a good entry opportunity. The analyst gives the price range between $32,400 and $33,000 as a continuation target.

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Yield Curve Reaches Historic Low, What It Means For Bitcoin

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Meanwhile, Bitcoin pioneer Scott Melker has his eye on BTC dominance. According to him, there is currently a clear case for altcoins to outperform. Melker shared the chart below and explained that dominance has been in this range for years.

BTC dominance
BTC dominance | Twitter: @scottmelker

Currently, it is at the upper edge, which is why he expects the rally to shift from Bitcoin to altcoins in a base scenario if the RSI is overbought and reaches the top.

We are the top of the range with overbought RSI (again a bit of a meme) and bearish divergence. Dominance should drop here unless we see a MAJOR breakout and Bitcoin crushes everything.

At press time, the BTC price was still hovering around $30,000, trading at $30,223.

BTC price
Bitcoin price, 1-hour chart| Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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