Bitcoin has displayed a strong bullish turnover as the BTC price has gained over 11% within the past week, recording a 2-month high, indicating a bullpower in the market and adding over 10 Billion to the total market valuation.
Bitcoin price had managed to break out of the resistance level at $30,000, but the rally was short-lived as the bulls failed to hold power, resulting in the price plunging back to its key level at around $29,600.
At the time of publishing, Bitcoin was recorded trading at $29,701.83. Following the pump yesterday, BTC has been trading steadily.
Captain Faibik, a well-known crypto analyst with a substantial following of 66.5K+ on the “X” platform, has recently predicted that the support/Resistance level at $31,000 is crucial as the faith of Bitcoin for the year depends on it.
The analysts predicted that if the bulls clear the resistance level at $31,000, the Bitcoin price could touch the $38,000 to $40,000 area by mid-December and conclude the year around the same range.
But if the star crypto remains below the $31,000 level in the coming month, the price will lose momentum and retest its support level at $25,000 this year.
The BTC price has displayed significant movements in the past week, resulting in recreating hopes for the price to record a new yearly high in the coming time. Further, Bitcoin dominance has crossed the 50% mark for the first time since August, with the current holding of 51.6%, indicating increasing accumulation for the star crypto.
If the bulls manage to hold power and push the price above the $30,000 mark, BTC will regain momentum and will run to test its upper resistance of $31,000 in the coming month.
Conversely, if the bears regain power over the bulls and a trend reversal occurs, the price will lose momentum and retest its support level at $29,600. Moreover, if the bears continue to dominate the market, the coin will continue to dip and test its key support level of $28,600 in the coming days.
In the world of crypto, life-changing moves often come from catching high-potential tokens before they…
Crypto whales play a big role in shaping market trends, and their movements often hint…
The markets recovered to some extent, probably due to the rounds of the SEC clarifying…
The US economy is entering rough territory, with JPMorgan warning of a possible recession by…
Bitcoin (BTC) has demonstrated its maturity in the past few days as the wider stock…
Today, April 5, 2025, marks the 50th birthday of Satoshi Nakamoto, the pseudonymous creator of…
