The crypto market has started a new weekly trading cycle, hoping to remain bullish for the rest of the week. The cryptocurrency Bitcoin ended its weekly trading with a green candle, highlighting the possibility of a bullish outlook for the next week
The crypto market has started a new weekly trading cycle, hoping to remain bullish for the rest of the week. The cryptocurrency Bitcoin ended its weekly trading with a green candle, highlighting the possibility of a bullish outlook for the next week. In addition, after ending weekly trading with bearish notes or slightly bullish levels, most counterfeit currencies continue to trade under the bearish influence.
Therefore, pointing to the possibility that Bitcoin will once again lead the upward trend in the coming days, this may drive BTC prices to new highs, similar to the previous one. When will the BTC price be marked with the new ATH? Will the counterfeit coins continue to bleed at that time?
Bitcoin prices continue to hover around $26.500 and have not exceeded $27.000 in the past few days. Although the token continues to rise above its rising level, the bearish impact continues to exist as bulls remain exhausted after pushing the price up from a low below $25.000. Therefore, this is your expectation of BTC prices for the next week.
After the recent rebound, BTC prices continue to trade in a bullish pattern and may continue for some time. The price rebounded after falling from a lower support level, which collided with the lower trend line of $25.058. Afterwards, the price continued to remain high within the rising triangle, with an upward resistance level of $27.492. With the loss of counterfeit currency, traders turned their attention back to the flagship Cryptocurrency, which is expected to maintain an upward consolidation trend.
After the market value of counterfeit coins declined from the trend line, they lost key support from the 200 day moving average level. This dragged the level below $500 billion for a period of time. Although the level has recovered, concerns about further decline continue. The trading volume of counterfeit coins continues to hover below $5100 billion, indicating a lack of volatility.
The dominant position of Bitcoin continues to rise, and with traders seemingly optimistic about prices for a long time, counterfeit coins may continue to face heat. Therefore, BTC prices may continue to maintain healthy upward consolidation throughout the week. Meanwhile, counterfeit coins may try to follow, but insufficient trading volume may lower them below the main resistance level.
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