The stochastic oscillator on the 1D price of Bitcoin displayed a notable upward movement, indicating potential bullish momentum.
According to Santiment, there has been a shift in sentiment within the crypto market, particularly among large investors holding balances of 100+ BTC. These addresses have shown increased purchasing activity, along with active participation from small and short-term investors.
Although the Bitcoin price has approached a local maximum, there are indications that a significant breakthrough is unlikely. As the weekend approaches, trading activity, especially for short-term investors, is expected to slow down. Furthermore, with the increase in addresses in profit, another round of profit-taking can be expected, preventing the price from surpassing $44,500.
The current situation in global markets and its potential impact on Bitcoin’s price and forecast
In the US, the Dow Jones Industrial Average witnessed a 0.3% increase, while the S&P 500 rose by 0.5%. The Nasdaq index also experienced a 0.5% gain in trading.
The 10-year US Treasury yield dipped to 3.88% during trading. Previously, the benchmark had risen to 3.89%, reaching its lowest level since late July.
Oil prices seem poised to continue their recent recovery, with West Texas Intermediate crude futures rising nearly 1% on Friday morning. WTI surpassed the $74 per barrel mark, after briefly trading below $68 a barrel last week.
The Commerce Department released its monthly report on personal income and spending, highlighting a 0.4% increase in personal income for November, meeting expectations.
The PCE price index declined 0.1% from the previous month, falling slightly short of estimates, with an annual growth rate of 2.6%, below the estimated 2.9%. Furthermore, the core PCE price index rose by 0.1% in November, falling short of the expected 0.2% increase, with year-over-year growth of 3.2%, also below the estimated 3.4%.
The report also revealed a 2% increase over the past six months, while core inflation dropped to 1.9%. The Federal Reserve is closely monitoring the six-month figures to ensure that inflation truly stabilizes. These results contribute to the likelihood of interest rate cuts in 2024.
What can be expected for the future price of Bitcoin?