In the ever-evolving landscape of cryptocurrency, Bitcoin (BTC) has once again captured the attention of investors and enthusiasts alike, as it exhibits signs of renewed bullish sentiment. After a rollercoaster ride through November and December 2022, the Take Buy Sell Ratio indicator is signalling a similar upward trajectory for the world’s most famous cryptocurrency, as highlighted by the analyst CryptoQuant.
#Bitcoin bullish sentiment on the rise
— CryptoQuant.com (@cryptoquant_com) October 31, 2023
"The Take Buy Sell Ratio indicator, which rose from its lows in November-December 2022, showed a similar trend this time."
by @t0_god
Link👇https://t.co/ZEemhMRtun pic.twitter.com/EVxMCrk9QC
BTC recently surpassed the crucial $34,000 mark and is now poised to tackle the next major obstacle in its path: the $48,000 level. The crypto community eagerly awaits this breakthrough, as it could signify the beginning of a full-blown bull run.
Bitcoin has already navigated through various challenges, but the true litmus test lies ahead. To usher in the highly anticipated bull run, Bitcoin needs not just to make it but to break through this critical resistance point, as tweeted by EGRAG CRYPTO, a crypto analyst. A confident closure above $48,000 and subsequent confirmation could trigger an exciting and sustained upward trajectory.
#BTC MAKE IT OR BREAK IT (Update):#BTC MADE IT but now it should hold it and break-the most important level to call #Bullrun is full blown. #BTC has successfully navigated some challenging terrain, but the real test lies ahead. To truly usher in the much-anticipated #Bullrun,… https://t.co/nsYWKLQ3OD pic.twitter.com/pRXeSmChLJ
— EGRAG CRYPTO (@egragcrypto) October 31, 2023
The recent upswing in Bitcoin’s price closely follows the Bank of Japan’s (BOJ) announcement regarding modifications to its yield curve control (YCC) initiative. Despite retaining its negative interest rate policy, the BOJ has chosen to redefine the 1% upper limit for 10-year government bond yields, transforming it from a strict ceiling into a more adaptable and fluid reference.
This shift in the BOJ’s approach has garnered significant attention within the financial sphere. This move allows for more fluctuations in yields and eases the pressure on the BOJ to intervene with bond purchases whenever yields approach the former 1% cap.
It’s important to note that Bitcoin has historically been sensitive to changes in global fiat liquidity, and the BOJ’s YCC program has provided significant liquidity since its inception in 2016. The BOJ’s decision aligns with recent reports suggesting a more flexible stance, with the possibility of allowing the benchmark yield to exceed 1%. This shift has prompted a bounce-back in the USD/JPY pair, indicating market expectations of a higher yield cap, possibly at 1.25% or 1.5%.
However, some observers view the BOJ’s adjustments as a subtle departure from the dovish YCC program, which could impact liquidity-sensitive assets like cryptocurrencies. Bitcoin’s current price stands at $34,747.63, with a market cap of $678.37 billion and a 24-hour trading volume of $51.51 billion.
Technical indicators further support the notion of a bullish trend. Bitcoin’s 4-hour RSI sits comfortably at 55.89, while the MACD value of 180 underscores the short-term bullish sentiment. The 50-day EMA surpassing the 200-day EMA adds weight to the positive market sentiment surrounding Bitcoin.
Bitcoin appears to be gearing up for a significant move, with the $48,000 level as its next target. The changing landscape of central bank policies, such as the BOJ’s adjustments, could have a notable impact on cryptocurrency markets, making it a pivotal time for Bitcoin investors. As the crypto journey unfolds, market participants are advised to stay vigilant and prepare for what could be an exciting and transformative period in the world of digital assets.
