Market Wrap: Analysts See Bitcoin as Still in ‘Bullish Phase,’ Despite Pullbacks – CoinDesk

Bitcoin was roughly flat over the past 24 hours, suggesting that investor enthusiasm over the Bitcoin blockchain’s Taproot upgrade is starting to fade.

Still, it remains to be seen whether investors will continue to accumulate BTC in hopes of long-term gains.

Over the short term, technical indicators show slowing upside momentum in BTC.

For example, the chart below shows the Mayer Multiple, a simple oscillator that measures the divergence between BTC’s price and its 200-day moving average.

Some analysts also point to increasing transactions by bitcoin whales as a sign of growing investor demand.

The total flows into cryptocurrency funds declined from the fourth straight week, slipping from $174 million last week, according to a CoinShares report.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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