Crypto analyst and trader Ali Martinez shared a bullish forecast on his Twitter handle. He believes that the flagship cryptocurrency Bitcoin is likely to rebound as the TD Sequential indicator has shown a buy signal on a Bitcoin one-hour chart and a bullish divergence against the RSI.
If Bitcoin manages to hold above the $24,800 level, Martinez tweeted, it is possible to expect an upswing to $25,300 or even as high as $25,500.
#Bitcoin looks poised to rebound! The TD Sequential presents a buy signal on the 1hr chart, with a bullish divergenge against the RSI.— Ali (@ali_charts) June 15, 2023
If $BTC holds above $24.8K, expect an upswing to $25.3K or even $25.5K. pic.twitter.com/otmgy0XvT0
Bitcoin's illiquid supply keeps growing
Glassnode on-chain data provider has shared that the crypto community continues to accumulate BTC and move these coins to illiquid wallets. Per the recent tweet, the illiquid supply of Bitcoin keeps growing, and more than 119,000 BTC is added to cold wallets every month.
This, concludes the Glassnode analytics team, indicates that the primary market dynamic at the moment is HODLing BTC.
The #Bitcoin Illiquid Supply continues to grow at a rate of +119K BTC / Month, suggesting coins continue to concentrate into illiquid wallets with a sparse history of spending. This infers that HODLing remains the primary market dynamic. pic.twitter.com/yWrGK7xFsH— glassnode (@glassnode) June 15, 2023
Bitcoin responds to recent Fed decision
As covered by U.Today recently, Fed Chairman Jerome Powell announced that the bank intends to put its strategy of rate hiking on hold. Despite the fact that the crypto community has been looking forward to that step, Bitcoin pulled back to a low of $25,900 within just several minutes.
This proves that the crypto market remains very sensitive to macroeconomic changes even if they are pretty much expected.
At the time of this writing, Bitcoin is changing hands at $25,040, having dropped 3.63% within the last 24 hours, according to the data shared by CoinMarketCap.