As the first quarter of 2023 draws to a close, the price of Bitcoin reveals some intriguing future projections. From the beginning of 2023, Bitcoin has displayed remarkable strength and has provided investors with gains of roughly 70%. The important support and resistance levels for the second quarter of 2023 are few of the parameters, market participants are keenly looking forward to in hopes of a fresh rally.
Bitcoin Price Upsurge
The recent increases come as a result of upbeat macroeconomic data from the United States, specifically the Personal Consumption Expenditures (PCE) index for February, which came in slightly lower as per market estimates. Moreover, renowned cryptocurrency analyst CryptoCon believes that the monthly RSI mid-line cross is taking place right now, which would eliminate the final remaining support for bearish sentiment regarding the price of bitcoin.
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According to the findings of his study and analysis, Bitcoin “should now return to the overbought zone”, and forecasts significantly higher prices for the flagship cryptocurrency on the horizon in the near future.
Bitcoin Flashes Bullish Signal
At this time, the Relative Strength Index (RSI) is located below the 50-line and is attempting to climb higher. It’s possible that if the positive momentum persists, prompting the RSI to flip the median, it will indicate that the run-up would continue. The Awesome Oscillator (AO), which displays a continuous drop in the bearish momentum as two consecutive months conclude with a burst of bullish momentum, provides additional evidence for this optimistic prognosis.
As things stand, the price of BTC is currently exchanging hands at $28,464 which represents an increase of 0.71% over the past 24 hours as opposed to a gain of 1.41% recorded over the previous seven days. Additionally, it should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s crypto market tracker presently recommend a “strong buy” position, advising a “buy” at level 16 and a “sell” at level 0 by its moving averages.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
