Bitcoin Long-term Holders Begin Accumulation After Months of Selling: Is BTC Ready for Rebound?
The midterm bullish outlook for BTC will, however, be invalidated if BTC price drops below $80k as traders will be looking for further drop towards the support level around $77k.
Supportive macroeconomic backdrop
The midterm outlook for Bitcoin remains bullish fueled by the supportive macroeconomic backdrop. The renewed demand from long-term investors has surged amid rising global money supply and the ongoing bull rally in the precious metal industry.
Although Bitcoin price is down over 7% year-to-date, its rising demand on a fixed supply of 21 million coins and cumulative fundamentals is expected to trigger a bullish outlook.
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