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.
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