A Crypto Analyst Provides an Update on Bitcoin and Polkadot
A well-known crypto analyst has shared an update on the current state of Bitcoin (BTC) and Polkadot (DOT). The analyst notes that BTC has faced a rejection from resistance in February, indicating that it is struggling to surpass a value zone represented by a macro diagonal resistance line. The relative strength index (RSI) for BTC is still at its downtrend resistance, which needs to be broken for the price to move higher.
The analyst also highlights that BTC’s current cycle has been characterized by re-accumulation ranges as it approaches its upcoming halving event. This scheduled event occurs every four years and reduces the rewards for mining and verifying new blocks by half. The next halving is set for April.
As for Polkadot, the analyst suggests that it has rebounded and is likely to close above a support area, enabling it to follow an upward trajectory and revisit previous highs. Both BTC and DOT have seen positive price movements in the past week, with BTC up 6.5% and DOT up 6%.
Hot Take: Bitcoin Faces Resistance While Polkadot Shows Promise
In the latest analysis, a prominent crypto analyst provides insights into the current status of Bitcoin and Polkadot. While Bitcoin is facing resistance from a key level, its relative strength index needs to break its downtrend resistance for a potential price increase. On the other hand, Polkadot has rebounded and may continue on an upward path if it closes above a crucial support area. These updates indicate potential opportunities for traders and investors in both assets.
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