Bitcoin showed significant enhancements last week in both its technical and fundamental dynamics, presenting the most promising opportunities for long-side investments since June, according to Capriole analysts. At the same time, this local rally leads the price right into technical resistance, as many well-known chartists say, which poses the question: could we be so lucky to obtain another downside move, providing one more bargain-buying opportunity? Let’s take a look.
Of the major external drivers, these two may have a significant impact on the market’s dynamic in the near term: on the one hand, we have Wednesday’s FOMC rate hike decision, and on the other, there’s a new unequivocally ‘hawkish’ signal from SEC:
From a technical perspective, there’s a Bollinger Bands’ confluence with some other descent resistance levels:
But while some sit at their monitors about 20 hours a day looking for patterns, others perceive the current market period as a window of opportunity, focusing on building and growing. In fact, despite the largest crypto platforms, like Binance or Coinbase, experiencing a decrease in the total number of monthly visits year-to-date (by 22% and 15%, respectively), a number of other exchanges have seen a substantial surge in traffic during the same period: 200% for HTX (formerly Huobi), 185% for OKX, and 143% for Gate.io, among others.
Certain centralized exchanges, however, are not the only ones that have seen traffic increase this year; there’s also an upward trend noted in some software cryptocurrency wallets, DEXs, and other crypto services. According to data from Similarweb, MetaMask, a leading self-custodial cryptocurrency wallet, has seen a 31% increase in traffic this year. Similarly, Binance’s Trust Wallet experienced a roughly 7% growth in visits. The prominent DEX Uniswap has also posted a 28% surge in website traffic this year.
The significant increase in traffic observed across various cryptocurrency websites this year could suggest that the crypto market is not in the ‘longest ever bear market’ after all. Although website traffic doesn’t directly correspond to trading volumes, it can still serve as a valuable indicator of the ongoing ‘grassroots adoption,’ especially in developing countries, and sustained growth in the demand for cryptocurrency services.
The long-term ‘bullish’ momentum seems to be building right now. It takes time.
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