Bitcoin is still in a downtrend in the short and medium term, with the weekly averages of 9 and 21 periods aligned and pointing downwards.
In the evaluation of Transfero’s Research team, the unfavorable macro scenario for developing and heating up global economies is one of the critical factors to enhancing the fall of equity markets, that is, those that carry some degree of risk.
Since reaching the ATH (all-time high), the BTC has already accumulated approximately 75% decline, causing its price to find strong support zones at the moment.
Transfero considers that the level between US$10,000 and USD 20,000 is a solid barrier in the long-term view, especially when looking at the monthly periodicity chart below.
“This is where the largest liquidity zone of BTC is concentrated, in which the largest number of trades in the history of this crypto has taken place. It is an important moment that draws the attention of bitcoin accumulators in the long term, not to mention the technical tools, such as previous tops, from the perspective of the monthly chart, in addition to the fact that the price has already crossed the 200-period average on the weekly chart”, Transfero experts pointed out.
The analysts point out that, despite the challenging scenario, with several global problems, such as high inflation, the conflict between Russia and Ukraine, and, additionally, the reflexes of the pandemic, July and the second half of the year, within a ten-year historical context, are promising for bitcoin. “Both July and the second-half result averages have shown appreciation in seven of the last ten years, which generates a good future mathematical forecast”, the analysts pointed out.