The bitcoin market continues to show neutral signals despite the weekly death cross during the weekend. The top digital asset is trading around $22,127 on Wednesday, up nearly 2 percent over the past 24 hours. With over $81 million liquidated in the cryptocurrency market, around $23 million involved bitcoin pairs. The rise on Tuesday was mainly attributed to CPI data, which turned out to be warmer than forecasts.
As the Fed continues to tighten monetary policies to prevent high inflation, crypto traders expect more volatile markets ahead. Moreover, heightened fears of regulatory action in the United States could add to the selling pressure.
Specifically, the SEC has argued that crypto staking and stablecoin programs should be registered as securities. As such, crypto liquidity is expected to decrease in the coming quarters.
“Cryptos are weakening as every trader worries about how severe this SEC wave will be, hitting products and stablecoins,” said Edward Moya, an analyst at broker OANDA. “The news flow for crypto is rather bearish.”
A Closer Look at Bitcoin Analysis
Bitcoin price action is heavily monitored due to its impact on the altcoin market and the general crypto trend. While the short-term price action remains inconclusive, most analysts are bullish on the long-term success of bitcoin.
For example, Cathy Woods of Arch Invest has separately reiterated that bitcoin is bound to reach $1 million in the next decade. Robert Kiyosaki, author of Rich Dad Poor Dad, has indicated that bitcoin will trade at $500k by 2025.
Big accident is coming. Depression possible. The Fed was forced to print billions of counterfeit notes. Gold at $5,000, Silver at $500 and Bitcoin at $500,000 by 2025. Why? Because faith in the US dollar, counterfeit money, will be destroyed. Money of the God of gold and silver. bitcoin people’s $. Take care!
— Robert Kiyosaki (@theRealKiyosaki) February 13, 2023
Based on the short term, veteran trader Peter Brandt has claimed that bitcoin could form a 3-day trailing stop rule signal. Specifically, the trailing stop rule is a risk management strategy that occurs when a daily candle closes higher than the high of the candle that made the current low (the set-up day) and is valid when the next daily candle is set. -Up breaks up the day. high (trigger day).
