Marcus Sotiriou, Analyst at the UK based digital asset broker GlobalBlock
Bitcoin (CRYPTO: BTC) continued to rally over the weekend as it reached around $47,600 last night and is at $47,400 at time of writing. Bitcoin’s on-chain metrics, which have shown long term holders accumulating over the past few months, are finally proving to be accurate. With all macro headwinds being priced in for the short term, we are seeing some long-awaited relief. The Crypto Fear and Greed index has reached 60 which is classified as Greed – the last time it reached this level Bitcoin was around $60,000. Bitcoin is facing heavy resistance, but if it is able to hold above the $46,000 level (which roughly marks the yearly open) for several days, I expect a move to $52,000, which is the next key resistance. Bitcoin has closed above the short term holder cost basis (around $46,000) for the first time in months. It is clear that $46,000 is a key pivot for the short-term direction for the market.
