- As of the time of writing, BTC
is trading at $41,750 with a 4.26% increase, and its market value is $819 billion. - In a recent analysis, prominent crypto analyst Ali Martinez highlights a significant development where the TD Sequential indicator gives a buy signal on the daily chart.
- Martinez also reports a substantial increase in active Bitcoin addresses, exceeding one million.
Bitcoin enters a recovery phase with the SP500 reaching a new all-time high: What do the latest data indicate?
Bitcoin Price and SP500’s New Record
After facing strong selling pressure earlier this week, Bitcoin’s price surprisingly reached $42,000 with a remarkable 5% increase. As of the time of writing, BTC is trading at $41,750 with a 4.26% increase, and its market value is $819 billion.
In the latest update from on-chain data provider Santiment, it is noted that Bitcoin’s price surpassing $42,000 creates a notable contrast against the relatively calm performance of altcoins. This situation coincides with a new All-Time High (ATH) achievement in the S&P 500 index, firing up bullish arguments for the cryptocurrency market.
The prevailing sentiment suggests that Bitcoin (BTC) and other leading cryptocurrencies may likely “return to the mean,” catching up with the performance of market valuations. Particularly, the cryptocurrency sector has displayed a delayed movement compared to stock markets as a trend started around January 17 when the two markets began moving in opposite directions.
As the dynamics between crypto and traditional markets continue to unfold, the hypothesis of potential convergence between Bitcoin, major altcoins, and the stock market gains traction, drawing the attention of market participants.
BTC Has the Potential to Rise to $43,000
In a recent analysis, leading crypto analyst Ali Martinez emphasizes a significant development where the TD Sequential indicator gives a buy signal on the daily chart. At the same time, Bitcoin is in a positive position above the 100-day Simple Moving Average (SMA), laying the groundwork for potential market movements.
Martinez also suggests that an uptrend surpassing the $40,550 threshold could serve as a catalyst to push Bitcoin’s price to $43,000. This optimistic outlook depends on the cryptocurrency maintaining its current position and triggering the anticipated uptrend.
However, Martinez also highlights the importance of monitoring the 100-day SMA support level, pointing out that a breach of this support level could bring Bitcoin down to $33,300. Martinez also reports a significant increase in active Bitcoin addresses, exceeding one million. This rise indicates increased usage and participation in Bitcoin.
Source: https://en.coinotag.com/bitcoin-price-recovery-aligns-with-sp500s-new-record-latest-on-chain-report/