Internet Computer

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/icp-mirrors-bitcoin-trends" data-wpel-link="internal" rel="noopener noreferrer nofollow">ICP Mirrors Bitcoin Trends</a><br></p>
<p style="text-align: justify">Internet Computer (ICP) has been aligning its movements with <a href="https://en.bitcoinhaber.net/investors-turn-to-bitcoin-etfs" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> for an extended period. Despite ICP’s efforts to establish its individual trajectory, recent on-chain analysis indicates that investor sentiment remains uncertain in the short term. Macroaxis <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> a 90-day correlation of 0.94 between ICP and Bitcoin, underlining their synchronized price movement.</p>
<h2 id="what-s-happening-on-the-icp-front">What’s Happening on the ICP Front?</h2>
<p style="text-align: justify">The correlation coefficient nearing 1 suggests ICP and Bitcoin often move in tandem, while a coefficient close to -1 implies divergence. During the last 90 days, ICP’s negative returns have adversely affected Bitcoin’s performance, which has also been lackluster.</p>
<p style="text-align: justify">Notably, over the past 30 days, ICP saw a resurgence, increasing by 23.55% while maintaining its correlation with Bitcoin. Developments off-chain, like Copper.co’s facilitation of cross-chain infrastructure, further strengthen this dual movement.</p>
<h2 id="icp-chart-analysis">ICP Chart Analysis</h2>
<p style="text-align: justify">The Aroon indicator suggests a bullish trend for ICP, with the Aroon Up and Aroon Down lines indicating trend direction. On July 6, ICP broke above its downtrend, hitting $10.25 and staying above its 20 EMA average of $9.13, a sign of a potential upward trend.</p>
<h2 id="key-inferences">Key Inferences</h2>
<p style="text-align: justify">Key takeaways for <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> include:</p>
<ul>
 <li>A 90-day correlation of 0.94 between ICP and Bitcoin.</li>
 <li>ICP’s recent 23.55% rise linked to Bitcoin’s movements.</li>
 <li>Copper.co’s infrastructure enhancing ICP and Bitcoin interaction.</li>
 <li>Aroon indicator predicts an ICP price increase.</li>
 <li>Supertrend and Fibonacci Retracement suggest potential upward movement to $10.80 or $12.14.</li>
</ul>
<p style="text-align: justify">If buying pressure increases, Fibonacci Retracement indicates ICP could rise to $10.80, and if the uptrend continues, it may hit $12.14. However, if ICP falls below the 20 EMA average, its price might drop to $9.86.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/icp-mirrors-bitcoin-trends" data-wpel-link="internal" rel="noopener noreferrer nofollow">ICP Mirrors Bitcoin Trends</a></h5>

ICP Mirrors Bitcoin Trends

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