Denys Serhiichuk

Is the current growth wave of Bitcoin (BTC) the last one before a drop below $29,000?

The bullish trend has continued on the cryptocurrency market as most of the coins are in the green zone. XRP is the only loser from the list, with a rate dropping by 3.71%.

Top 10 coins by CoinMarketCap

Top 10 coins by CoinMarketCap

The cryptocurrency capitalization index has come back to the $1 trillion mark.

Cryptocurrency market capitalization

Cryptocurrency market capitalization

The relevant data for Bitcoin today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $711,171,962,549

  • Price: $38,396.60

  • Volume (24h): $64,533,780,389

  • Change (24h): 11.25%

The data is relevant at press time.

BTC/USD: Is the current bounce off a prerequisite for new peaks?

Yesterday morning, buyers retraced the Bitcoin (BTC) price to the hourly EMA55 area, and this moving average kept the pair’s recovery in a narrow sideways range until evening.

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At the end of the day, bulls managed to break through the resistance of the average price level and continue to rise above the level of $36,000.

BTC/USD chart by TradingView

BTC/USD chart by TradingView

Buyers achieved a retest of the $38,000 resistance tonight, which halted the dynamic recovery of the pair. In the morning, a slight pullback to the $36,000 area is expected but, if this level acts as a support, bulls will be able to continue recovering to the resistance area of ​​$40,000.

BTC/USD chart by TradingView

BTC/USD chart by TradingView

On the bigger chart, Bitcoin (BTC) is about to target the peak of $42,000 by the end of the week. Bulls’ efforts are confirmed by the buying trading volume as well as the MACD indicator, which is in the green zone.

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BTC/USD chart by TradingView

BTC/USD chart by TradingView

From the technical point of view, the current week may be the last bullish one before a more profound decline. According to the Fibonacci retracement, growth may continue up to the 261.8% level, or around $46,000. After that, there is a high probability of seeing a sharp decline as the RSI indicator is already in the overbought zone.

Bitcoin is trading at $38,691 at press time.

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A Bounce Off Before Further Drop or New All-Time High?

by Alex Dovbnya
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