Bitcoin price managed the trembled crypto sell-off remarkably by climbing back above the $33K levels from the dip close to $28,700
The prime focus currently would be attaining the levels above $34800 to continue with the bull run
The institutions utilized the ‘Buy at the dip’ moment offered by the Bitcoin bears and accumulated another large chunk of Bitcoin.
Bitcoin Price had a Massive Recovery
The bitcoin price rally in recent times had a major set back as the price slashed beyond $29,000 within no time. Many speculated it as a healthy correction yet some believed the price could drop to the lowest possible levels.
Currently, Bitcoin price is yet trending in such a decisive phase as predicted by an analyst iMperfect-rHn. As per the analysts, a bullish trend cannot be considered until and unless a resistance level at $33,700 is not broken.
The chart posted by the analyst clearly points out the levels, BTC price needs to attain in order to continue the bull run. Also, the analysts indicated that the price should sustain above the support levels at $32000 to avoid acute plunge.
Currently, it is mandatory for the BTC price to go along with the 200-day EMA, else if it gets rejected, levels below $32,000 can be expected. However, if the 200-EMA breaks it may hit the first target at $34600 initially and later $35,000 in a very short term.
Institutions Benefited by the Bitcoin Dip
As mentioned, BTC price plunged massively in recent times. The weeker hands just liquidated their holdings in a large number which bought an immense selling pressure in the market. This resulted in the price slashing to as low as $28,757 which included a series of plunges.
The plunge was so hysterical that it gave no time for the retail traders to have a second thought and hence may fell in the trap of a ‘FUD’.Hence, the bitcoin flew from weaker hands to the stronger one’s as Grayscale and Microstratergy announced more Bitcoin acquisitions.
Bitcoin stood strong as rock above $32,000 despite multiple attempts by the bears to slash the price to the lowest levels. The CEO of a Bitcoin exchange, CoinCorner, Danny Scott also mentioned the series of events that happened in the week with Bitcoin.
However, the venture to bring down the Bitcoin price rally by creating a FUD was quite successful and the BTC price also revisited the desired level. Yet revoked like a giant and current standing strong above $32,000. Therefore many expect the rally to continue further so that the price may soon hit $50,000