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Against the backdrop of a large-scale decline in the crypto market, Bitcoin continues to trade around $ 30,000. Over the past few days, Bitcoin has been testing both the upper support of the range at $30,740-30,660 and testing the lower point at $28,600.
Bitcoin’s dominance as a major cryptocurrency also continues to be around 45%, while many alternative coins (altcoins) have lost their market cap and price during the fall. Altcoins have also lagged behind Bitcoin over the past few days, indicating a lack of trader interest in these risky assets.
Over the past 7 days, the major cryptocurrencies are also in the sideways, the range of changes ranges from +10% to -10%.
Investors are now wondering how long it will take Bitcoin to break the $30,000 level and rise to new highs.
Bitcoin – forecasts
Experts say that the recovery in the price of Bitcoin may not happen soon, at least until the positive sentiment returns to world markets.
“Bitcoin has been trading in a narrow range for the past few days. BTC has gained almost 3% over the past 24 hours, without falling below yesterday’s level, which indicates that there may not be an additional downtrend, “says Edul Patel, CEO and co-founder of crypto investment platform Mudrex.
However, there are signs that the price of Bitcoin may not fall further. Rather, it could rise above the $31,000 level if the current trend continues.
“The current support for BTC is at $27,000 and the initial resistance is at $33,000. We could see BTC top $31,000 in the coming days as momentum improved over the past day,” Patel said.
Analysts at WazirX Trade Desk shared in a note that btc is consolidating at between $29,000 and $31,000 on the hourly chart. Perhaps for a significant trend reversal, it may be necessary to break above $ 31,000.
“Bitcoin jumped slightly last day, adding about 1.6% as the momentum of purchases intensified. On the hourly chart, the BTC trend moves in a triangular pattern, consolidating between the levels of 29,000 and 31,000 dollars. The next resistance for Bitcoin is expected at $40,000, with immediate support expected at $24,000. BTC needs to break the $31,000 mark and reach the $40,000 level to see a significant trend reversal,” the note said.
Author: Elvir, Analyst Freedman Club Crypto News
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