An analysis of Bitcoin's behavior indicates a new short-term bullish trend

Bitcoin’s analysis indicates a new short-term bullish trend

This year, Bitcoin’s rise in value has been called into question as the world’s most traded digital token struggles to hold above $30,000. However, the pattern of the recent bounce above that psychological line suggests it could rise again. In the near term, it could rise by at least another seven percent.

The mentioned pattern shows that a minimum daily jump of three percent is followed by a reversal the next day and a drop of about 1-3 percent during a generally “bullish” growth period lasting several days.

Bitcoin has risen by seven percent in the last ten days. On Tuesday and Wednesday, it started showing those patterns of short-term rises and corrections several times again.

As Bloomberg analysts write, at the end of the next weekly period, the value of Bitcoin will again increase by several percent. This token behavior coincided with the fact that its so-called relative strength index exceeded 50 points every time this happened. In other words, all the conditions have been met again.

Bitcoin recovered by about 74 percent in 2023. However, the faster growth of this and other cryptocurrencies are currently limited by high inflation and the unknowns surrounding the pace of slowing interest rates in the world’s leading markets.

Before today’s trading, bitcoin started a slight rally after its biggest weekly drop on Wednesday. Its value fluctuates around 29,000 dollars.

Meta announced a new round of layoffs

Meta Platforms is starting with company-wide layoffs as part of restructuring teams and increasing efficiency, which is the overall goal of founder Mark Zuckerberg.

Parent company Facebook informed managers to announce what was inevitable in a memo seen by Bloomberg News.

The layoffs will directly affect Facebook, WhatsApp, Instagram, and Reality Labs. As Zuckerberg announced in March, the move is part of a cost-cutting effort that will see 10,000 jobs cut. The next round of cuts will be in May.

In November, Meta laid off about 13 percent of its 11,000 employees. The hiring freeze was extended during the first quarter.

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