Bitcoin (BTC) is facing a challenging environment in 2022 due to the surging inflation and geopolitical turmoil. Although gold has outperformed Bitcoin year-to-date, Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin could make a strong comeback. McGlone expects the current circumstances to “mark another milestone in Bitcoin’s maturation.”
Another bullish sign for the long term is that the Bitcoin miners have been increasing their Bitcoin holdings since 2021. Compass Mining founder and CEO Whit Gibbs said to Cointelegraph that Bitcoin mining companies are “taking more of a bullish approach to Bitcoin.”
Terraform Labs founder Do Kwon said that its stablecoin TerraUSD (UST) will be backed by more than $10 billion in Bitcoin reserves. He expects this move to “open a new monetary era of the Bitcoin standard.”
Could Bitcoin and altcoins find buyers on dips or will bears trap the aggressive bulls? Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke and closed above the 50-day simple moving average (SMA) ($40,311) on March 16 but the bulls are struggling to build upon this breakout. This suggests that demand dries up at higher levels.
The bears will try to make use of this opportunity and pull the price below the 20-day exponential moving average (EMA) ($39,973). If they succeed, the BTC/USDT pair could again drop to the strong support at $37,000.
Conversely, if the price rebounds off the moving…