BTC has continued to signal signs of stability and recovery, which could signal uptrend movement if equities hold the line. After a long period with little price movement, the value of the cryptocurrency has been keenly followed and widely reported on.
The US Bitcoin story is equally tentative. For the growth to continue, the new digital currency will need to maintain its new heights. Bitcoin had a difficult start to February as well, largely due to the massive market rally driven by the Trump-led inauguration.
Critical Support Level at $78,420
The key support level holds at $78,420, a line drawn on April 10th. Provided this level holds, Bitcoin will have a greater chance of appreciating in value over the next few weeks.
This is why Daan is personally bullish on BTC’s potential to out perform. That’s assuming the equities market stays stable—a huge market correction would upend the equation entirely. The bullish sentiment in the Bitcoin market is still pretty strong under these circumstances.
Recent Price Movements
As we mentioned in our analysis last week, Bitcoin had a key level of resistance at the last swing high price. BTC currently trades at $85,132, up 0.80% in the last 24 hours as of press time.
After a recent slump, the cryptocurrency appears to be on the rebound as it continues breaking new ground. It’s not some big structural change for the better as BTC is still trading below its Fibonacci resistance zone.
Potential Bearish Trend
Falling under $84,260 might start a downward bearish trend in the market. BTC only has to stay alive to make this scenario happen.
Many analysts are watching Bitcoin for its next move. They are always scanning for signs of the market’s movement to avoid being blindsided by an unexpected turn. If this new high of $78,420 holds, then BTC is poised to rise in the coming weeks after this.
