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Bitcoin has steadied above $16,000
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Okcoin CEO expects Bitcoin’s bear market to be driven by key developments
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The cryptocurrency could come under pressure after falling below moving averages
No Santa Claus rally for Bitcoin (BTC/USD) lovers? This is the clearest sign as the BTC price crashed below the moving averages. Despite bulls successfully defending $16,000, Bitcoin is far away from a bullish market. However, the CEO of the crypto exchange Okcoin is throwing insights on what to look at for a bullish Bitcoin movement.
Hong Fang opines that the need for strong monetary systems would drive Bitcoin and crypto. According to the Okcoin CEO, the failures and shortcomings of the existing centralised currency systems could spur bullish markets. Already, a few countries are testing their monetary systems with Bitcoin and crypto. The notable ones in this pack are El Salvador and the Central African Republic. Will more countries join? Fang thinks so.
The second event is the Bitcoin halving event in 2024. Fang wonders whether it is coincidental that past halving events have been associated with bullish crypto markets. In this regard, he expects the next cycle to be associated with a bullish market for Bitcoin.
Then there is the final and third bullish trigger – use cases. The CEO says a lot of projects continue to be created in crypto in a bear market. He expects the projects being created right now to be the next trigger of the bull cycle.
From Okcoin CEO’s thoughts, it is clear that he refers to the BTC’s long-term focus. However, a technical outlook paints a different picture of the short term.
BTC price outlook and analysis
A technical outlook shows Bitcoin struggling after a slight descent. The moving averages are providing resistance to the BTC price. The RSI remains below the midpoint.
Is BTC set to touch lower prices?
Bitcoin lacks a directional movement. $16,000 is the price to watch, although the cryptocurrency has stabilised at this level. On the bullish side, $19,000 is the price ceiling. A recovery above could welcome further gains.
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