Bitcoin's Price Flashes Buy Signal, Is $35,000 In Sight?

As the first quarter of 2023 draws to a close, the price of Bitcoin reveals some intriguing future projections. From the beginning of 2023, Bitcoin has displayed remarkable strength and has provided investors with gains of roughly 70%. The important support and resistance levels for the second quarter of 2023 are few of the parameters, market participants are keenly looking forward to in hopes of a fresh rally.

Bitcoin Price Upsurge

The recent increases come as a result of upbeat macroeconomic data from the United States, specifically the Personal Consumption Expenditures (PCE) index for February, which came in slightly lower as per market estimates. Moreover, renowned cryptocurrency analyst CryptoCon believes that the monthly RSI mid-line cross is taking place right now, which would eliminate the final remaining support for bearish sentiment regarding the price of bitcoin.

According to the findings of his study and analysis, Bitcoin “should now return to the overbought zone”, and forecasts significantly higher prices for the flagship cryptocurrency on the horizon in the near future.

Bitcoin Flashes Bullish Signal

At this time, the Relative Strength Index (RSI) is located below the 50-line and is attempting to climb higher. It’s possible that if the positive momentum persists, prompting the RSI to flip the median, it will indicate that the run-up would continue. The Awesome Oscillator (AO), which displays a continuous drop in the bearish momentum as two consecutive months conclude with a burst of bullish momentum, provides additional evidence for this optimistic prognosis.

As things stand, the price of BTC is currently exchanging hands at $28,464 which represents an increase of 0.71% over the past 24 hours as opposed to a gain of 1.41% recorded over the previous seven days. Additionally, it should be noted that BTC’s technical analysis (TA) indicators at CoinGape’s crypto market tracker presently recommend a “strong buy” position, advising a “buy” at level 16 and a “sell” at level 0 by its moving averages.

Also Read: Hindenburg Research Grills Block’s Official Response; SQ Stock Price In Danger?

TAGS
Bitcoin

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.