BBitcoin (BTC) proved its strength through a sharp decline but held above a key support level. The bounce back from a recent low of $64,000 has eyed crypto analysts and investors alike. One of the popular crypto analysts, Crypto Yapper, has noted that the movement of Bitcoin was reaching a very significant price level: the $64,000 support level. According to Yapper, this is the major horizontal support for Bitcoin.
The ability to hold and bounce back from here is key to sustaining the broader uptrend on higher time frames. The information calms the fears of investors who otherwise get spooked by this recent volatility.
At writing time, the price of Bitcoin is $64,798. Despite the recent decline, Bitcoin kept a 24-hour trading volume up of $104.75 billion, indicating continuous interest and activity in market performance. The market capitalization of Bitcoin currently rests at $1.28T.
Over the last 24 hours, the price of Bitcoin has shifted down by 2.89%. Though it may sound discouraging, putting that in a broader perspective of Crypto Yapper’s analysis shows that the current price movements are well within the expected range of fluctuations for an ongoing upward trend.
Bitcoin Nears Resistance, Analyst Expects Major Breakthrough
Renowned cryptocurrency analyst Trader Tardigrade has provided insights into Bitcoin’s current market trajectory, highlighting an anticipated breakout. Trader Tardigrade noted that Bitcoin has been moving in line with expectations and has recently reached an upper resistance level.
According to the analyst, this resistance is notably weaker compared to the stronger lower support level. The implication is that Bitcoin may encounter less resistance in breaking above this level, paving the way for potential upward momentum.
Bitcoin appears to be consolidating, a phase wherein cryptocurrency’s price is moving within a tight range. This consolidation phase is normally looked upon as a forerunner to big price movements. Trader Tardigrade opines this phase of consolidation might just be setting up the stage for Bitcoin’s next move.
The analyst compared this phase to a rest period for Bitcoin, a common occurrence before the cryptocurrency experiences a substantial price pump. As per the observations by Trader Tardigrade, Bitcoin is probably gearing up for a breakout, which means its price could increase drastically once it breaks past the current resistance.
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