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Marcus Sotiriou, Analyst At a Listed Digital Asset Broker global block (TSXV:BLOK).
Bitcoin regained $19,000 last night as key technical indicators suggest a possible rally in the coming days.
The RSI (Relative Strength Index) is showing a bullish divergence on the daily timeframe as shown below. This happens when the price breaks below its lows and the RSI indicator rises above its highs. This usually results in a bullish trend in the future.
The macroeconomic environment continues to worrisome investors as the European energy crisis dominates the headlines. German sanctions against Russia led to the closure of the NordStream pipeline, resulting in a sharp rise in gas prices. Germans take to the streets to protest against their country’s sanctions that have provoked a Russian reaction.
However, the threat of action can have a more lasting price impact than the action itself. The supply-side balance may begin to level in the coming months, as the threat of significant flow cuts in Russian pipelines has passed.
Bitcoin fundamentals are growing day by day amid bearish macroeconomic factors, with the number of Bitcoins on the Lightning Network continuing to hit all-time highs. There are approximately 4,700 Bitcoins on the Lightning Network. MicroStrategy also announced Tuesday that it is working on a solution to bring millions of people into the Lightning Network.
The Lightning Network is a scalability solution built on Bitcoin that allows users to quickly send and receive BTC with virtually no fees, so if it is adopted globally, Bitcoin will have strong utility in payment networks. It will be.
