![Why Bitcoin [BTC] may climb a new bull ladder despite Fed’s resolve](https://i.headtopics.com/images/2023/2/8/cryptoamb/why-bitcoin-btc-may-climb-a-new-bull-ladder-despit-why-bitcoin-btc-may-climb-a-new-bull-ladder-despit-1623314456599035904.webp)
The SOPR ratio positioned closer to the market bottom as the TRIX signaled an incoming uptrend. BTC holders adhered to self-custody despite January’s profit-taking offer. Bitcoin [BTC] showed immense prowess after the U.S. Federal Reserve Board raised interest rates by 25 basis points. Initially, the king coin led the crypto market decline, but this only […]
was not a high value. So, it indicated that the market was not close to the top, thus offering possible buying opportunities and a potential for a BTC rally.Triple Exponential Average over a 50-day period and the 50 to 200-day Moving Average .
In past cycles, the 50 TRIX crossing the median phase was accompanied by the 50-200 MA, creating an uptrend. At the time of writing, the TRIX value was positive. So, there was a high chance of further bullish momentum, irrespective of rising inflation. On 1 February, the Feds chairman, Jerome Powell,Source: CryptoQuantAmid the bullish projection, Santiment reported that BTC were still stuck with self-custody instead of bowing to exchange storage. According to the on-chain platform, over $416 billion worth of BTC were held off exchanges with fourteen times lower available on the latter.
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