Main navigation

Bitcoin (BTC) Bullish Rebound Likely, Analyst Shares Reasons

Mon, 05/15/2023 - 13:30
article image
Godfrey Benjamin
Bitcoin up 2%, and on-chain analyst cites condition for further upsurge
Bitcoin (BTC) Bullish Rebound Likely, Analyst Shares Reasons
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Bitcoin (BTC) network is seeing a lot of positive bullish fundamentals today, including the surge in its daily trading volume. The premier digital currency is changing hands at a price of $27,315.23, up by 2.02% over the past 24 hours. The uptick in the price of the asset has shown that market bulls are still active and they exhibit the potential to help BTC in its recovery.

Sharing his insight on the current Bitcoin price trend, Twitter on-chain analyst @Ali_Charts revealed that the TD Sequential indicator presented a buy signal for the cryptocurrency on the daily chart. According to him, this indicator is a precursor to a major rebound that is imminent.

As an analyst renowned for correct calls, he affirmed the high potential of the accuracy of the TD Sequential indicator. With these assurances, he noted that the likely uptrend will be dependent on the ability of Bitcoin whales to help the cryptocurrency in securing the support around $26,360.

Bitcoin has helped the market to achieve stability in more ways than one over the past few weeks. With more potential room for upsides, the digital currency remains one of the biggest assets on most macro crypto traders' watchlists.

Here's What Keeps Bitcoin (BTC) From Crashing Right Now

Overcoming evolving woes

Bitcoin might be the biggest digital currency in the world, and the need to evolve its ecosystem to a more vibrant and functional one has posed some risks to the stability of the network in recent times.

As reported earlier by U.Today, Bitcoin recorded transaction congestion in the past week, stirring a notable upshoot in gas fees. The reason has been linked to the growth of Ordinals inscriptions on the protocol.

While things have calmed down relatively by now, the role of scaling solutions may become quite pertinent to help overcome these woes and more to come in the near future.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.