Bitcoin Shines in Favorable Macro Environment

According to the co-founder of Glassnode, a crypto analytics firm, the current macro environment provides an ideal setting for assets like Bitcoin (BTC) to flourish.

The analyst, who goes by the pseudonym Negentropic, believes that weakening the U.S. Dollar Index (DXY) is favorable for Bitcoin.

Negentropic also points out that the Nasdaq 100 is approaching its all-time high, which was established in late 2021.

He cites historical data suggesting that Bitcoin tends to catch up within around 80 days when the Nasdaq reaches significant levels.

This process usually involves capital flowing towards riskier assets as the Nasdaq cools off before taking off again and driving Bitcoin’s ascent.

Regarding Bitcoin’s local bottom, the analyst advises monitoring certain price levels. Specifically, he suggests that BTC needs to stay above $29,300 and challenge the $29,700 level. On the upside, reclaiming $30,400 (the previous pivot point) might lead to testing the $30,800-$31,000 resistance area.

Despite the volumes observed around $23,000 earlier in the year, Negentropic remains bullish, as several factors support Bitcoin’s upward movement, reducing the likelihood of a crash back to $23,000 or below.

As of now, Bitcoin is trading at $29,796, and its value has increased by more than 2% in the last 24 hours.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.