• Arthur Hayes not too long ago tweeted that he believes BTC will soar to the Moon quickly.
• BitMEX co-founder factors out that BTC has but to interrupt out of its bearish cycle.
• On the time of writing, the worth of the most important cryptocurrency was up 4.42%, buying and selling at $26,912.47.

In a tweet printed earlier right now, BitMEX co-founder Arthur Hayes predicted that the worth of Bitcoin (BTC) would quickly rise. In accordance with the put up, BTC is just not but in a bull cycle, however the present bear cycle is coming to an finish.

This bullish outlook for BTC was accompanied by a 24-hour rise in market leaders. On the time of writing, CoinMarketCap confirmed that the worth of the most important cryptocurrency was $26,912.47 after rising 4.42% the day earlier than. Regardless of this current rally, BTC’s weekly efficiency was nonetheless within the pink at -0.86%.

The cryptocurrency additionally appeared on CoinMarketCap’s trending listing, taking the primary spot. This places it forward of Binance Coin (BNB) in second place and fashionable memecoin Pepe (PEPE) in third place.

BTC managed to recuperate within the final 48 hours after breaking under the important thing help degree of $26,244 on Monday and hitting a low of $25,391. Since then, the cryptocurrency value has regained positions above key help ranges, the place it continues to commerce on the time of writing.

Nevertheless, technical indicators had been trending bearish, suggesting that the BTC value will fall throughout the subsequent 24-48 hours. On the time of writing, the 9-day EMA was positioned under the longer 20-day EMA after the bearish crossing of the 2 strains on Could 30, 2023. This means that BTC has entered a short-term bearish cycle.

Along with this, the RSI each day line was bearish and on the verge of breaking under the RSI SMA line. If this cross happens within the subsequent 24 hours, BTC value might retest the aforementioned $26,244 help degree inside days.

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