Showing uncertainty on the first day of the week, BTC turned its direction up after the release of US inflation data. The lower-than-expected release of inflation data increased the sentiment of investors. For this reason, a general rise is observed in the charts.
BTC has managed to rally by 6.9% in the last two days and is trading at $ 23,939 at the time of writing. Looking at the price charts of the last few weeks, if Bitcoin maintains its bullish range, it is expected to have a level close to the $25,500 range.
Especially in the rally that took place before July, the upward momentum was significantly reduced compared to the MACD. In addition, there has been a significant increase in the number of accounts holding at least 1 BTC in the last two weeks. If the number of accounts manages to be maintained, enough momentum has been gained for BTC to break through.
However, the important point here is that as the prices approach the resistance line, there may be a decrease in the number of addresses purchased. Another indicator to watch out for is the Purpose Bitcoin ETF Holdings metric. There may be some exits from this metric as prices approach the resistance line. It is assumed that there will be sufficient selling pressure in the face of this situation.
Bitcoin Claim from Covalent CEO
The CEO of Covalent, Ganesh Swami, believes that a possible world war will start a huge bullish adventure in Bitcoin.
Seeing war scenarios as an opportunity to increase the adoption rate of Bitcoin, Swami claims that BTC will be actively used by many more investors in the coming years. Successful business people say that the world war will trigger migrations and that BTC will definitely be used to move wealth in these migrations.
Saying that Bitcoin contains a huge technology, Covalent CEO believes that BTC will emerge victorious from possible chaos environments.