March 12th 2024 – The price of Bitcoin in US Dollars is building a significant positive medium-term trend reports Trend Intelligence, with the price settling today at around $71,000.
Trend’s Analysis (click chart to expand): Trend’s R* Momentum Indicator remains in overwhelmingly positive (and upwards trending) territory, a positive signal that shows no signs of ending. In addition to this, price action currently trades above all 3 of Trend’s short, medium and long term moving averages and Trend’s Japanese Cloud, in pink shading. All of these stated indicators corroborate Trend’s positive medium-term trend rating on the digital asset, looking very positive for weeks and months ahead.
Downside Sentiment: Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes, reports Investor’s Business Daily
Upside Sentiment: The UK’s financial regulator will allow some bitcoin-linked securities to be listed on the UK stock market, in a softening of its tough stance on digital assets, reports the Financial Times.
Authored by: Trend Intelligence, London
