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Bitcoin Ready to Soar, According to Glassnode Co-Founder

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Tue, 23/05/2023 - 6:21
Bitcoin Ready to Soar, According to Glassnode Co-Founder
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Glassnode co-founder Yann Allemann has indicated that Bitcoin might be ready to rally. In a tweet, Allemann highlighted that Bitcoin's shorts have been exhausted after failing multiple attempts to break below the 200-day simple moving average (SMA), a trendline considered a significant support level.

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Moreover, the bullish crossover of the 50-day SMA over the 200-day SMA could signal that a Bitcoin price surge is on the horizon.

These bullish remarks come amid cautionary remarks from JPMorgan Chase CEO Jamie Dimon, who recently warned of potentially higher interest rates.

During the bank's investor day, Dimon suggested that rates could potentially rise beyond the current 5% to reach as much as 7%.

Dimon's comments could suggest a bearish environment for risk assets like Bitcoin, which could potentially be affected by a stronger US dollar due to increased interest rates.

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Furthermore, the Federal Reserve has indicated a tightening monetary policy, having recently raised its benchmark interest rate to 5%-5.25%.

The institution is currently in the midst of discussions on whether to proceed with further rate hikes scheduled for June, adding to the uncertainty and potential downward pressure on the cryptocurrency market.

At press time, Bitcoin is trading around $27,406, according to CoinMarketCap data. Despite potential headwinds, Allemann's analysis suggests a possible upward trend for Bitcoin.

It is yet to be seen how the market will respond to both the anticipated Federal Reserve decisions and the supportive technical signals identified by Allemann, investors and spectators alike are keeping a close watch on the flagship cryptocurrency.

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