BTC Still Strong, Expert Believes it will Bounce Back Soon

IconCryptoNewsTerminal Staff07 Jul, 2024

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BTC Still Strong, Expert Believes it will Bounce Back Soon

Cointelegraph, via its official Twitter handle, has put forth an optimistic outlook for BTC, suggesting that it may have bottomed out at $53,000 and is poised for a rebound. This projection is based on the following factors: Technical indicators: The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are both showing signs of a bullish reversal. On-chain data: The number of active addresses and the number of transactions on the Bitcoin network have both been increasing in recent weeks. * Market sentiment: There is a growing sense of optimism among Bitcoin investors, as evidenced by the recent surge in social media activity and the increase in the number of positive news articles about Bitcoin.

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