Bitcoin experienced a 5% increase yesterday, boosting the entire cryptocurrency market. One of the main catalysts for this movement was the announcement of the American GDP result. According to data from the Bureau of Economic Analysis (BEA), compared to the last quarter of 2022, economic activity in the US grew 3.1%. In the last 12 months, North American GDP growth accelerated from 1.9%, in 2022, to 2.5%, in 2023, according to information from the BEA.
In terms of technical analysis, on the daily chart (1D), we observe the formation of an Inverse Shoulder-Head-Shoulder (OCOI) pattern, which has the highest probability of reversing the downtrend into an upward movement. And what is this downward movement? Well, on the daily chart, on January 11th, we reached the value of 48,916.45 per unit of BTC, after which a correction, a small drop, occurred.
However, all this analysis supports the identification of an ascending bottom on the weekly chart (1W), indicating the continuation of an upward movement.
