Given that the trading price of Bitcoin (BTC) continues to be below $30000, people are beginning to doubt whether this leading cryptocurrency can break through this psychological price level.Market analyst Michael van de Poppe conducted in-depth research on this situation and proposed that BTC should continue to create higher lows and hold onto the $27500 area to obtain the necessary momentum
Given that the trading price of Bitcoin (BTC) continues to be below $30000, people are beginning to doubt whether this leading cryptocurrency can break through this psychological price level.
Market analyst Michael van de Poppe conducted in-depth research on this situation and proposed that BTC should continue to create higher lows and hold onto the $27500 area to obtain the necessary momentum.
This analyst pointed out that "Bitcoin has successfully created a perfect higher and lower point, and is retesting its high point. There are bullish views that there is a high possibility that Bitcoin will break through $30000 this quarter, and the momentum is strong
High highs and high lows are signs of an upward trend, indicating a strong positive sentiment in the asset market. Higher lows typically serve as a springboard to move towards higher highs, as they trigger bullish trends.
If Bitcoin continues to create higher lows, it will increase the likelihood of further charging into the $30000 area.
In addition, according to ZyCrypto's report, Bitcoin's chart shows potential bullish divergence hidden. This means that the seller's power is gradually weakening, which may lead to a strengthening of the bullish momentum.
According to CoinMarketCap data, at the time of writing, BTC's trading price was $26812.
Bitcoin holders remain steadfast
Holding is a popular strategy in the crypto market, usually indicating that investors hold tokens for long-term investment rather than short-term speculation.
According to data from cryptocurrency insight provider IntoTheBlock, Bitcoin holders seem to be sticking to their investments, as nearly 68.97% of people say they have held BTC for a full year.
This data indicates that most Bitcoin holders hold it for a long time.
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