Bitcoin has performed fantastically in recent weeks, but has entered increasingly difficult waters towards the end of February. Analysts are cautiously becoming less bullish, fueling speculation that we may see a sharp correction in the run-up to the halving.
Will we soon see the traditional pre-halving top for the Bitcoin price?
All eyes on the monthly closing
After the last week’s close, Bitcoin continues to trade in a narrow range, where it has been in since the second half of February.
The last weekly close of $51,700 was uninspiring for the bulls, as this close was $450 lower than the previous one. In any case, Material Indicators is clear.
“That’s a red weekly close for Bitcoin, with a new signal for a downtrend,” thus the analyst.
That signal is “provisional” until the next weekly closure is confirmed, Material Indicators said. “However, we still have some wildcards in the form of macroeconomic data and the monthly closing,” the analyst continues.
Not everyone is negative
By the way, not everyone is suddenly negative about the Bitcoin price, because we have had a bad period. Among the army of positive analysts is also Bitcoin Munger.
“The support at $50,000 seems as strong as a rock. Market makers now appear to be targeting the shorts around $53,000. Bitcoin bears are going to be in trouble this week. The path to $60,000 is on the horizon,” the analyst said.
Furthermore, on Thursday we receive important macroeconomic data in the form of the PCE price index. This is the US central bank’s favorite inflation gauge.
Therefore, the outcome of the PCE inflation in the United States may cause volatility in the market. Especially because those dates fall on the same day as the closing of the month of February.
What do you think? Will Bitcoin regain its positive momentum this week?
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