- Santiment predicts Bitcoin may experience a surge soon.
- Passing of critical debt ceiling agreement causes uptick in S&P500 and altcoins.
- Traders advised to wait for Bitcoin to surpass EMA lines before considering long position.
According to a recent tweet from Santiment, a leading blockchain intelligence firm, there is reason to believe that Bitcoin (BTC) may experience a surge shortly. This positive forecast follows the passing of a critical debt ceiling agreement by the U.S. House, which has already caused a notable uptick in the S&P500 and various alternative cryptocurrencies over the past 24 hours.
As per the report, the S&P 500 has reached its peak price since August 2020. Furthermore, altcoins like Litecoin (LTC), UNUS SED LEO (LEO), and FantasyGold (FGC) have also witnessed a surge in their prices lately. This upswing in the value of these altcoins has led Santiment to speculate that Bitcoin’s price will soon follow suit.
According to CoinMarketCap, the current trading price of the market leader stands at $27,104.41, reflecting a 0.93% increase in the past 24 hours. This upward trend has further bolstered the already impressive weekly performance of the cryptocurrency, with a total gain of 2.49% over the week. While BTC continues to perform well, altcoins have managed to outshine it slightly, with a marginal decrease of 0.10% in its dominance.
From a technical standpoint, Santiment’s bullish outlook on BTC is reinforced by the daily RSI indicator. The RSI line trades above the RSI SMA line, indicating a positive trend. Although there was a brief attempt to cross bearishly below the SMA line in the past 48 hours, the RSI line quickly rebounded.
Moreover, the RSI line exhibited a favorable upward slope towards the overbought region, indicating a surge in bullish momentum. Additionally, the RSI line registered at 47.67, implying ample scope for a bullish upswing before Bitcoin enters the overbought zone.
For traders and investors eyeing Bitcoin, exercise patience and wait for the cryptocurrency’s price to surpass the 9-day and 20-day EMA lines before considering a long position. Bitcoin’s value could soar to the next resistance level of $27,650 within the next 48 hours if this occurs. However, a daily close below $26,515 could spell trouble for Bitcoin, potentially leading to a drop to $25,800. As always, careful analysis and strategic decision-making are keys to navigating the volatile world of cryptocurrency trading.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
