Bitcoin price volatility has always been a hot topic in crypto, as various factors such as regulatory changes and market sentiments cause BTC to fluctuate rapidly. As bitcoin continues to gain mainstream adoption, anticipation of its next move is at an all-time high.
Bitcoin enthusiasts and investors alike are eagerly anticipating the next move of the world’s most popular cryptocurrency, as it stands at an important crossroads.
While the long-term outlook for bitcoin price remains bullish, the short-term trend is yet to be determined, with many wondering whether the digital asset will manage to overcome its key hurdle of the $30,000 resistance level.
Will it be a correction or a breakout?
As the market holds its breath, all eyes are on demand and purchasing power, the ultimate determinants of bitcoin’s fate. Will the buyers come out strong and propel bitcoin past its hurdles, or will the cryptocurrency market bear witness Improvement?
In cryptocurrency terms, a correction refers to a temporary price drop in the value of a particular cryptocurrency or the entire cryptocurrency market after a period of rapid growth.
Corrections are a natural part of market cycles, and they can be triggered by a variety of factors, such as market sentiment, news events, or regulation changes.
During a correction, cryptocurrency prices can drop significantly, which can lead to a downtrend in the market and a decrease in overall trading volume. However, corrections are often seen as healthy for the market, as they help to remove excess speculation and stabilize prices over the long term.
bitcoin price inches up
Now, bitcoin’s latest worth According to CoinMarketCap, the update shows a modest 0.98% rally over the past 24-hours, taking the cryptocurrency to $28,323.
Despite seemingly slow progress, bitcoin has managed to maintain a steady climb of 2.30% over the past seven days, indicating the potential for more significant growth in the near future.
Meanwhile, the 4-hour time-frame chart of bitcoin reveals a rising trend line that has been in play for several months and is currently pushing the price higher.
However, the current plight of the cryptocurrency is that it seems to be stuck between the ascending trendline that started in the $28,000 range and the $30,000 price area.
The importance of this critical range cannot be overstated, as a significant move above or below it can eliminate any uncertainty and determine the medium-term outlook for bitcoin.
This is a subtle but encouraging sign for bitcoin holders and traders, who are always on the lookout for any movement in the volatile crypto market.
Weekly analysis predicts bullish momentum for BTC
Bitcoin’s daily technical analysis doesn’t offer much insight into the cryptocurrency’s trend direction, but the weekly outlook paints a decidedly bullish picture.
This optimistic forecast is supported by several factors, including the weekly time frame, which suggests that bitcoin price is ready to climb towards its long-term resistance at $31,500.
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Bitcoin (BTC) total market cap currently at $547 billion on the daily chart at TradingView.com
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Meanwhile, it is important to note that this bullish forecast could be invalidated if bitcoin closes the week below $24,600.
If this happens, the price of the cryptocurrency could drop back towards the $20,000 mark. As always, the crypto market is volatile and unpredictable, and traders and investors should proceed with caution.
– Featured Image from Coinpedia