Bitcoin (BTC) could be heading upward throughout the second quarter of 2023 as its recent performance suggests a bullish movement.
The cryptocurrency market has recently experienced a rally, with prices moving in an upward direction and surpassing previous levels. This trend is particularly evident in Bitcoin (BTC), which closed last week with a strong rally to the upside, shifting to a bullish trend and moving approximately 5,000 to 6,000 points away from the previous high.
A more in-depth analysis of Bitcoin’s performance over a three-month time frame reveals that the cryptocurrency has turned bullish. This contrasts with the last three months of 2022, which showed weakness in sellers. As the price continues to climb, the current three-month time frame has seen sellers replaced by a bullish trend.
Examining the monthly time frame, there has been a rejection of the downside, followed by an increase in volume that has driven buyer interest in the rally. Looking at past candle closures, Bitcoin has an open liquidity level of 32,000 points, with the expectation that prices will reach this target. In the weekly time frame, bullish momentum is clearly visible. As the current month comes to a close, it is anticipated that the open points will be filled, and more importantly, a bull run is expected in the next three months of the following year.
This analysis is based on technical indicators; however, it is essential to be aware of external factors that can impact the cryptocurrency market, such as inflation, the US dollar, and commodity news. The given scenarios range from three-month to weekly time frames.