According to the co-founder of Glassnode, the current macro environment is ideal for riskier assets like Bitcoin to flourish. The analyst notes that the weakening of the US Dollar Index and the Nasdaq 100 nearing its all-time high are positive indicators for Bitcoin. Historical data suggests that when the Nasdaq reaches significant levels, Bitcoin usually catches up within approximately 80 days. The analyst believes that multiple factors are supporting Bitcoin's upward movement, making a crash back to $23,000 or below less likely. However, traders should look out for Bitcoin to hold above $29,300 and challenge the $29,700 level to confirm its local bottom.
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