So far, it can be said with certainty that after a sudden recovery from trading prices below $25000 in the past two weeks, Bitcoin (BTC) has struggled to rebound above $31000. After the U
So far, it can be said with certainty that after a sudden recovery from trading prices below $25000 in the past two weeks, Bitcoin (BTC) has struggled to rebound above $31000. After the U.S. Securities and Exchange Commission of the United States (SEC) considered that the BTCETF filing documents were not clear and comprehensive, the bullish prospect of Bitcoin driven by ETF mania in the near future has gradually disappeared. Nevertheless, once the current resistance level yields, the price of Bitcoin is very close to a significant breakthrough of $40000.
Bitcoin's Weaknesses Before Continuing to Rise
According to CryptoTony (Twitter: @ CryptoTony_), a senior Cryptocurrency analyst, if the rise of Bitcoin is to continue from the current level, then Bitcoin bulls must take action on the price of $31000. If not, analysts expect Bitcoin to retreat to $28000 to accumulate more purchasing pressure before breaking through.
From the daily outlook, Bitcoin prices have reached a higher low point, which is a characteristic of the upward trend market. Due to the strong support of the 50 and 200 day moving averages (MA), Bitcoin prices are expected to further increase in the coming weeks.
From the perspective of the Elliott Wave, Bitcoin prices may be in the final stage of the fifth wave before the ABC correction. However, intermediate waves involving shorter Elliot waves may be forming, leading to corrections within larger wave structures.
With Bitcoin Cash cash (BCH) and Litecoin and other counterfeit currencies taking the lead in the recent rebound, the dominance of Bitcoin is expected to decline further in the coming days. As of Monday, Bitcoin's dominant position has remained at around 51% after reaching a high of 52.16% in the past two weeks.
Those who like you will also be liked in the future.
If you like it, please follow the articles that will bring you more appreciation in the future,
Thank you for reading! See you next time!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
