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Bitcoin Rises Further on High Inflation Figures, Analysts Expect Huge Bounce » Crypto Insiders

At the moment, the Federal Reserve, the US central bank, seems to largely determine the direction of the financial markets, including those of the cryptocurrencies. Bitcoin (BTC) could yesterday, after high inflation figures are announced in the US, again to a higher range.

The crypto market seems to be increasingly confident that the recent dip, which the bitcoin price briefly below $40,000, the bottom was. Market fear is easing further and further, although it is still very high.

Bitcoin price to higher range

Bitcoin was able to break through $42,000 Tuesday evening, but around $43,000 there was still a little too much resistance initially. Then the US inflation figures came out and the share price started to rise again. Bitcoin rocketed from $42,700 to $44,150 cryptocurrency-exchanges as Binance, an increase of 3.4%.

There, however, the resistance was still too great and bitcoin corrected downwards again, but the price quickly found support around $43,500. Gradually, the price started to rise again and established another higher high, this time around $44,300. Once again, however, bitcoin corrected lower and found support again around USD 43,500.

At the time of writing, bitcoin is back at $44,000 or $38,400 Battle and the price may appear to be on the verge of making another attempt to break through this.

Analysts expect bounce

Should bitcoin break through $44,400, there will still be many points in the $45,000 to $48,000 range where there is a lot of resistance. Bitcoin most likely will not be able to break through all of these barriers at once.

Nevertheless, more and more analysts are sounding bullish about the price. There is talk of a further short squeeze which can lead to a huge bounce. That will depend largely on what the macro does. In any case, the declining US dollar index (DXY) already seems to be in the hands of bitcoin:

Analyst company Santiment reports that the available supply of bitcoin is still declining rapidly on the exchanges, a very bullish sign.

This analyst, ‘M_Ernest.’ explains in detail why he believes there is a good chance that bitcoin has bottomed during this correction:

Analyst Matt Chang explains why he thinks bitcoin has not yet peaked in this bull cycle:

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