Indicators, Analysts React to Bitcoin Rise, But Worries About Google’s Signal

Indicators, Analysts React to Bitcoin Rise, But Worries About Google’s Signal

Bitcoin’s rise this Friday (9), with the price moving above $21,000 and up 10% in 24 hours, led indicators and analysts to react with optimism at this point.

For example, in Trading View, the general market scenario is optimistic and indicates that an upward movement is present, with 10 indicators pointing to the positive scenario, while 7 believe in a downward trend and 9 are neutral on the movement.

Bitcoin bullish signal can be seen in several indicators
Bitcoin bullish signal can be seen in several indicators. Reproduction: trade display.

Pointing upwards are oscillators such as MACD (12.26), Momentum (10), as well as other short-term moving averages. The 50, 100 and 200 time period moving averages, which are longer term, tend towards the negative side of the indicators.

In addition to indicators, analysts react to bitcoin’s new surge

Noting the new rise in bitcoin prices, several analysts set out to make predictions for traders following the market.

One of them, Twitter profile RektCapital, showed that bitcoin’s rally is holding up well, even though a pit has remained below $20,000.

As such, he believes that staying above $21,000 could provide market momentum for the target 200-period average, pushing bitcoin price above $23,000.

For analyst Michaël van de Poppe, another who usually shares his opinion on Twitter, market fears are easing with the fall of the DXY index, which could present a weak scenario for the dollar in the near term.

Thus, the analyst believes that the price of bitcoin must remain above $21,500.00 to seek the region between $23,000 and $25,000.

Google signal shows no optimism for bitcoin

If some traders and indicators are bullish on bitcoin data, which tracked the stock markets and surged this Friday, that’s not quite the truth in a Google data analysis.

This is because, following the search trends around the world in the past 12 months, the term “bitcoin” is with least interest of the past year, mainly between September 4 and 10, measures only 31, on a scale that ranges from 0 to 100.

Global Interest In Buying Bitcoin Drops Low To 2022
Global interest in buying bitcoin has fallen to a low in 2022. Reproduction: Google Trends.

That is, unlike bitcoin’s 10% rise in the past 24 hours, long-term indicators and searches for the term are still not convincing that this is an exciting high. In any case, the market is celebrating the exit from the $19,000 zone, which has already worried investors.

Source: Live Coins