On May 28th, Glassnode founder Yann Allemann analyzed Bitcoin’s on-chain data in a social media post. Looking at the data, the founder stated that the $72,000 level is still a strong resistance point and that if this level is exceeded upwards, a unique movement could be seen.

Emphasizing that the upward wave that will occur within this scenario could carry the price to a new all-time high (ATH), he pointed to $75,000.

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On the other hand, he reminded that the $72,000 level has been tested 3 times this week, but the sell wall is still strong.

He stated that if Bitcoin continues to consolidate between $64,000 and $72,000, it would open the door to altcoin rallies:

We are currently expecting Bitcoin to trade between $64,000 and $72,000, giving altcoins a chance to shine. The $72,000 to $74,000 range is marked by high supply and selling pressure. However, a sudden breach here could trigger a short squeeze and propel Bitcoin to unprecedented levels.

The post Glassnode Founder: Bitcoin Could See Unprecedented Move! appeared first on Coin Engineer.

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After the FED’s interest rate decision, Glassnode‘s co-founder Yann Allemann made a positive rise comment for BTC. Allemann pointed out that the relative strength index (RSI) momentum indicator, used to measure price movements in Bitcoin, gave a bullish signal and indicated that this could point to further increase in Bitcoin in the near future.

RSI highlighted that it rose above 70, which is the critical threshold indicating the FOMO (Fear of Missing Out) phase of the bull rallies experienced in mid-2019 and at the end of 2020, Allemann pointed out that this level generally represents an overbought situation and the signal of an impending downward trend. However, in the long-term outlook of BTC, he added that an RSI above 70 indicated that the uptrend momentum was strong and the asset could continue to rise in the coming weeks, similar to the rallies in 2019 and 2020.

Allemann’s evaluation is as follows: “The momentum in Bitcoin is strong! This shows that BTC may rise even further soon. Historically, RSI above 70 shows strong momentum in Bitcoin and that BTC is rising strongly. Now we are again in a situation where RSI is above 70.”

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The post Famous Analyst’s Bitcoin Comment! “The Bull is Coming” appeared first on Coin Engineer.