The bitcoin rally has been sparked by a slight weakening of the U.S. dollar and investors anticipating the upcoming Ethereum merge.
Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, said that Friday's rally could be a"bearish retest" of the $22,500 to $23,000 price.
"Hence unless it breaks that level convincingly and closes above, I would still think this is a bearish rally that could see more ranging and downside," Ayyar said. Bitcoin has been battered this year and is more than 60% off its record high seen in November as the Federal Reserve has hiked interest rates aggressively taking the shine of risk assets such as cryptocurrencies.Ethereum 'merge,' inflation in focus, which proponents say will make the blockchain more efficient.ether, the native token of Ethereum, has far outpaced bitcoinFinancial markets are also looking for signs of cooling inflation when the U.S.
If inflation cools and with anticipation around the Ethereum merge, Yuya Hasegawa, crypto market analyst at Japanese crypto exchange Bitbank, said bitcoin could test the $22,000 level, but also offered a warning. "Given what some Fed members, including chair Powell, said this week, too much optimism could be dangerous," Hasegawa said in a note on Friday.
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