Bitcoin between the previous weekend rally and this new price spike at the start of the week
The price action that Bitcoin has been developing in the last two weeks gives a sense of a probable consolidation zone above $30K, this if we evaluate that BTC presented a healthy rebound the previous weekend, and now presents another upward price recovery in this beginning of the week.
The truth is, if we evaluate the development of the price action in the last 15 days, we will realize that the Bitcoin price is getting the first week in a bullish direction by surpassing $30K, compared to the previous nine consecutive weeks of bearish projection.
It is assumed, that the Bitcoin has stabilized in recent weeks in a better short-term momentum, it is noteworthy that this behavior reflects a good respite for investors, and at the same time is a good positive sign for the cryptocurrency market.
This new momentum in the cryptocurrency market as a whole is contrary to what has been occurring in the traditional financial markets, revealing that the price action of cryptocurrencies may be decoupling from the red numbers in the stock markets today.
By distancing ourselves from the red action reflected in traditional markets, this new Bitcoin momentum can be interpreted as a buy signal that breaks the short-term downtrend, or well this is what bullish traders and cryptocurrency experts think.
It has been pointed out that this reversal of Bitcoin's price action indicates that there is interest at higher prices and some rejection with demand at lower prices, an action that could undoubtedly signal the resumption of a bull run in the coming weeks.
SOURCES CONSULTED
CNBC Bitcoin rises after snapping longest-ever losing streak as investors seek a market bottom. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: CoinGecko
Hello my friend, it is encouraging to see signs of a consolidation zone and maybe to take a bullish momentum, I share the opinion that there is not much interest for BTC to reach lower prices, let's hope that the rest of the market will also react favorably. Best regards my friend!
My wish is to see btc back on track. We knows when this happened the market will react in a very positive way. I just need us to be back on levelled terms
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It's interesting to see btc price have been stabilize lately it shows positive price momentum lets not make rash decision yet hold on and notice how the market goes in the following week if it holds the support zone with increase in volume we can be assured of beginning of new bull run rally thanks for the share.
Hello my friend, it is encouraging to see signs of a consolidation zone and maybe to take a bullish momentum, I share the opinion that there is not much interest for BTC to reach lower prices, let's hope that the rest of the market will also react favorably. Best regards my friend!
These fake pumps keep coming. truth is that we are in bear market, bitcoin will continue swinging between these prices and crash after a while.
I think the recent historic inflation figures of over 8.6% have weighed on both the crypto and stock markets. Bitcoin may visit 20k levels for a while but I hope it won't
Thanks for sharing :) Have a nice day :)