Can Bitcoin continue to rise?

After several attempts to break the $ 44,000 mark, Bitcoin is currently trading at $ 44,312 amid growing disagreements over whether or not the price bottomed out.

BTC / USD 1-Hour Candlestick Chart | Source: TradingView

Data from TradingView showed the $ 44,000 mark acted as local resistance on Thursday after predictions were followed that the price could soon return to $ 46,000.

Bitcoin stayed much higher after yesterday’s US inflation data, but now is not the time for some to get overconfident.

“It feels like Bitcoin is starting to hit a less sustainable (local) high, even though demand is diffusing beyond a few key resistance levels. Some bitcoin bulls may show up and clear some levels, but it takes a whole herd to clear them all out. Can reduce the risk a little, ”commented the Twitter account Material Indicators recently.

Source: material indicators

Key indicators that highlighted order book throughput on Wednesday provided a good opportunity to “minimize risk” and warned of a possible crash.

On the contrary, others believe that the “squeeze” could eventually drive the Bitcoin price up and punish the short traders who joined later.

https://twitter.com/zhusu/status/1481407006598705169?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“Given that the funding rate for perpetual contracts is getting more and more negative as prices go up, it looks like a real wave of liquidations is underway.”

Meanwhile, popular trader Crypto Ed is showing optimism that significantly lower levels will be gone forever.

After uploading a snapshot of his prediction chart, he argued that if BTC rises up during the day, the period will be set to form a higher bottom during a firmer recovery.

https://twitter.com/Crypto_Ed_NL/status/1481541428987711488?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“The feeling that the price has bottomed out becomes stronger when you look at the BTC chart. I want to see more confirmation, but if there is a fifth move today I will be very excited! “

How long can relief last?

Observe Funding rate There was hardly any change on the stock exchanges, with neutral to negative values ​​dominating.

Such behavior is in contrast to the last few weeks, in which spot prices fell with positive financing rates.

Bitcoin Funding Rate Chart | Source: Coinglass

At the time of writing, BTC is trading at $ 44,266 and is still trying to break out of the higher zones. This is thanks to the buyers who stop at every drop.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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