Bitcoin's price edged up by a fraction of a percent in the last 24 hours to trade at $63,448, as trading volume skyrocketed 94% to $29.75 billion.
Current Market Analysis
Bitcoin has maintained a bullish stance since September 6, trading within the rising channel pattern from the $53,200 support zone, according to GeckoTerminal. The recent continued uptrend has driven Bitcoin to trade above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the bullish rally.
Macroeconomist Forecasts
Macro economist Raoul Pal stated that Bitcoin is preparing for a price explosion. In a video posted on Real Vision’s YouTube channel, the former Goldman Sachs executive mentioned that BTC tends to move in sync with global liquidity cycles. Pal shared a graph suggesting that global liquidity will increase in the next three months, predicting that BTC could soar beyond $200,000.
Price Movement and Technical Indicators
The recent uptrend has caused Bitcoin to trade above key moving averages. However, the Relative Strength Index (RSI) seems to be dropping from the 70-overbought region, currently at 59, indicating potential bearish sentiments. If bears take control, pressure may drive the price below the lower boundary of the rising channel, with $61,294 and $59,440 acting as immediate support levels.
Bitcoin's price continues to demonstrate significant volatility, but expert forecasts and current market indicators suggest further potential growth. Investors should consider all aspects to make informed decisions.
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