The crypto market displays a positive uptrend of approximately 2%, following which the market leader, Bitcoin, reclaimed the price tag of $38,000. Top cryptocurrencies have recorded massive price action recently, with major tokens recording new yearly highs.
On the other hand, the BTC price continues its struggle to break out of the key resistance level of $38,250 as the price is repeatedly facing rejection. Presently, Bitcoin is hovering close to $38,100 and is predicted to test its key level soon, of which the outcome is unpredictable.
Michael Van De Poppe, a well-known crypto analyst with substantial followers of 675K on the “X” platform, has posted about the upcoming possible price action for the star crypto.
The analyst predicts that the BTC price is on the verge of testing for a breakout as Bitcoin price is recording higher lows frequently. Further, this indicates a strong bullish influence in the market.
The BTC price claimed the $35,000 mark for the first time this month, following which the market gained significant price action. After this, the price continued to gain momentum but faced rejection above $38,000.
The price then recorded a low of close to $36,000, following which the bulls regained momentum and jumped, but the price faced rejection at the same range. Further, this resulted in the coin forming a positive uptrend pattern.
The resistance zone of around $38,250 plays a vital role as the star crypto faces repeated rejection at that range, indicating a strong liquidation point at that level in the crypto space.
Positively, the Relative Strength Index (RSI) displays a sharp rise in its average, highlighting an increasing price action for Bitcoin. Further, the average head toward the overbought range, suggesting the possibility of a bullish reversal soon.
If the bulls gain power and hold the price above its key level of $38,250, the BTC price will regain momentum and prepare to test its resistance upper resistance level of $39,001.86 soon. Maintaining the price at that level will set the stage for Bitcoin to attempt to test its target of $40,000 by the year-end.
Conversely, if the bears overpowered the bulls, the price would lose momentum, resulting in the price falling and testing its support level of $37,033 soon.
Moreover, if a trend reversal occurs, the price is expected to face a massive correction in value, which could result in it trading as low as $30,000 this year.
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