The short-term prospects for Bitcoin (BTC) look bright, but what will happen to this single crypto asset if it stays below US$27,000?
Suzuki Shillsalot presents his analysis on the website Ambcryptothat the cryptocurrency market remains volatile.
“But, fortunately for Bitcoin enthusiasts, this token has shown quite a bit of resilience. However, buyers were unable to sustain prices above the US$27k support level,” wrote Shillsalot.
According to him, the most important question is when this major currency will reach the price level of US $ 30 thousand.
“Bitcoin (BTC) experienced a quick recovery on May 18 when it was around US$27,400 in trading charts,” explained Suzuki.
Asset crypto BTC is moving up as investors ignore the potential volatility of the US debt limit negotiations and their impact on cryptocurrencies.
Investors are also curious about the potential effect of halving the price of Bitcoin in 2024 on the price of BTC.
“Observing historical accumulation and distribution cycles, as well as cost-to-reward ratios, can provide important clues about future Bitcoin price trends,” he wrote.
According to him, February 4, 2023 became a significant day for Bitcoin due to reports Non-Farm Payrolls US for January released.
Where the data revealed that the US economy created fewer jobs in January, which boosted Bitcoin investors.
“On top of that, Cathie Wood, CEO of ARK Invest, believes Bitcoin is a fantastic asset for protecting money and providing protection for financially disadvantaged people around the world. The price may have increased because of this view.”
He continued, it should be noted that institutional investors are betting huge amounts on Bitcoin. Michael Saylorco-founder of MicroStrategy, has a strong optimistic view of Bitcoin as well.
About 130,000 BTC, or 0.62 percent of the total 19 million Bitcoins currently in circulation, are owned by the company.
Moreover, Goldman Sachs’ recent declaration of support for Bitcoin has boosted investor confidence in this cryptocurrency. It can be predicted that this news will significantly increase the value of Bitcoin.
Bitcoin Closes to Key Price Level of US$26,300
Meanwhile NewsBitcoin write analysis, regarding assets crypto BTC once again dipped below the $27,000 level on Friday, ahead of a panel discussion that will involve Fed Chair Jerome Powell.
Bitcoin (BTC) fell below the $27,000 level on Friday, ahead of a panel discussion that will involve Fed Chair Jerome Powell.
The market is anticipating some direction forward from Powell regarding the decisions the Federal Reserve will take in the coming months.
After hitting a high of US$27,466.53 on Thursday, BTC/USD dropped to a daily low of US$26,415.10 earlier today.
“This move, which caused the price to drop more than US$1,000, pushed bitcoin closer to the key price level of US$26,300,” the media said. crypto the.
Friday’s decline came as the 14-day relative strength index (RSI) once again dipped below its own resistance level of 42.00.
Price strength now stands at 40.83, with the bears likely targeting the support in the 38.00 zone. [ab]