- As market enthusiasm cools down, the leading cryptocurrency is experiencing a market correction with many investors speculating on the token’s next move.
- To confirm the buy signal generated by the TD Sequential indicator, Bitcoin
needs to finish this week above $25,600. - As of the time of writing, Bitcoin is trading at $26,136.30 and has experienced a 1.64% price increase in the last seven days.
Bitcoin Price Ready for an Upside Move but Needs to Hold its Ground this Week; Where’s BTC Headed?
Bitcoin Price Should Maintain Its Position This Week
Bitcoin (BTC) saw an increase of over 5% this week, trading above $26,000 for the first time. One of the major contributors to this price increase was the positive sentiment created by asset manager Franklin Templeton’s application to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF worth $1.45 trillion.
However, as market enthusiasm cools down, the leading cryptocurrency is experiencing a market correction with many investors speculating on the token’s next move. In this regard, popular crypto analyst Ali Martinez has found a buy signal for BTC investors. But there are specific conditions that need to be met.
According to a Tuesday tweet by Ali Martinez, the TD Sequential indicator has produced a buy signal on the weekly chart for Bitcoin. Therefore, BTC may be ready for a price rally after losing about 10.85% of its market value in the last 30 days.
The TD Sequential indicator is a technical analysis tool used to identify trend exhaustion and potential reversals in price. However, Martinez notes that there’s one condition for his recent prediction.
To confirm the buy signal generated by the TD Sequential indicator, Bitcoin needs to finish this week above $25,600. After meeting this condition, the analyst predicts that BTC could trade between $28,350 and $31,800 in the coming weeks.
U.S. Inflation Data Released
In other news, many BTC and crypto investors were awaiting the release of the monthly Consumer Price Index (CPI) data report in the United States. This report measures changes in the prices of a basket of goods and services and is a popular indicator of inflation. According to the released CPI report, annual inflation stood at 3.7%, surpassing the expectation of 3.6%.
As of the time of writing, Bitcoin is trading at $26,136.30 and has experienced a 1.64% price increase in the last seven days. Additionally, the token’s daily trading volume has decreased by 24.19%, currently standing at $14.83 billion.
