Aussie Analyst Michael Pizzino Reveals “Critical Signal for Crypto” to Watch Out For

Recently, the cryptocurrency market has found itself in a somewhat intriguing state. The majority of assets experienced some of their steepest one-day declines in recent memory, triggered by disappointing US employment figures and recessionary concerns. Nevertheless, typical of such situations, the downward spiral might have been an exaggerated response from jittery investors. Since then, Bitcoin has staged a recovery, surpassing the 60,000(AU90,000) mark.

• Bitcoin ETF Flows Peak While Another Index Suggests A Market Rebound is on the Cards
• Bitcoin Eyes US $61.5k Ceiling As Buying Momentum Fades

Bitcoin ETF Flows Peak While Another Index Suggests A Market Rebound is on the Cards

Australian analyst Michael Pizzino offered his insights on the present market conditions, delving into a comprehensive analysis of Bitcoin and the cryptocurrency landscape as a whole.

Additionally, Michael Pizzino looks at the Fear and Greed Index, traditionally a solid oracle for short/medium-term crypto market trends.  His source, from Alternative. me, still signals that the market is in a state of “Extreme Fear” – a reading that is typically followed by a market rebound.

It’s worth noting the current reading has improved to “Fear”, correlating with Bitcoin’s push past US $60k (AU $75k).

Bitcoin Eyes US $61.5k Ceiling As Buying Momentum Fades

From a macroeconomic viewpoint, conditions for cryptocurrency are on an upward trajectory. The US Dollar’s strength, in comparison to other assets, remains below crucial resistance thresholds and is weaker than usual. A robust USD, linked to interest rates and international trade, can adversely impact various assets, particularly cryptocurrencies, as it elevates investment costs and renders holding cash more attractive.

According to Pizzino, Bitcoin necessitates greater buying pressure to escape its current consolidation phase. Nonetheless, the cryptocurrency’s breach of the US60,000 (AU75,000) resistance level might ignite a short-term rally. The subsequent crucial hurdle lies at US61,500(AU92,000), and a successful breakthrough could usher in positive developments for the crypto market.

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