Bitcoin, the king of cryptocurrencies, reached $35000 a few minutes ago, but quickly fell back to $34900. Although the selling pressure in the resistance zone prevented the area from being breached, it is important that this critical area be tested for the second time in two days
Bitcoin, the king of cryptocurrencies, reached $35000 a few minutes ago, but quickly fell back to $34900. Although the selling pressure in the resistance zone prevented the area from being breached, it is important that this critical area be tested for the second time in two days. So, what will happen next?
Bitcoin and Cryptocurrency Forecasts
If the market value is in a downward trend, the support test may be broken. However, if the market turns bullish, the resistance will also be the same. According to trends, the elasticity of support and resistance levels is an unchanging rule in cryptocurrencies. Just a few minutes ago, the BTC price was retested for $35000.
After recent testing, although prices have slightly rebounded, they have not yet separated from key areas. For investors, it is not surprising to see the $35000 resistance level break through in the coming hours.
As Hayes and other experts have stated, as of June, BTC prices are ready for a bull market. The King of Cryptocurrencies targets the $36343 and $42500 regions. As long as the price remains above $34000, it is expected that the resistance zone will be broken through.
The cumulative value of cryptocurrency is once again targeted at $1.5 trillion. In an environment where BTC prices continue to rise, we may see abnormal increases similar to those experienced by Mina coins and others. At present, the only problem is that the cumulative trading volume has fallen below $80 billion.
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