The price of Bitcoin has been circling around a sum of $23,500 with the market bulls refusing to give up any form of support during the out-of-hours trading. According to data retrieved from TradingView and Cointelegraph Markets Pro, it was understood that the exchange had been holding on to a narrow range in place ever since Wall Street opened up on the 3rd of February.
The macroeconomic data releases from the United States have also provided some modest volatility but there is no change in the overall trend with the traders biding their time as they headed toward the weekend. Interestingly, the opinions regarding the outlook over the long term have been quite mixed- with several traders believing that there were reasons to trust in Bitcoin’s rally.
Bitcoin’s Rally Has Been Quite Optimistic
Crypto Tony, a popular Bitcoin trader, went on to state that the cryptocurrency had been seeing $50,000 calls made already, while they still had to complete a far higher market structure change. Credible Crypto was even more optimistic about it, as they doubled down on an idea that compared the current price action of the cryptocurrency to that of 2020, just after the cryptocurrency had managed to pass the 2017- all-time high.
On the other side, there are other traders who seem to be quite concerned about a turnaround that could be in the futures of the USD, which would then impact the risk assets throughout the board if it were to continue. The DXY had been ringing up alarm bells for Bluntz, a popular trader, who then went on to claim that the DXY wasn’t done yet. Although Bitcoin was in a comparable safer state than before, there was a lot to squeeze out of the stablecoins as well.
