Blockchain News

Bitcoin Must Maintain $36K for Sustainable Upward Momentum

Written by James Smith

After plummeting the lows of $33,000, Bitcoin (BTC) has gained momentum by regaining the $37,000 stage. The main cryptocurrency was up by 3.65% within the final 24 hours to succeed in $37,323 throughout intraday buying and selling, in line with CoinMarketCap. - 2022-01-26T175912.013.jpg

Market analyst Michael van de Poppe believes that BTC ought to maintain the $36K stage earlier than flipping it to assist. He explained:

“Bitcoin flipped a vital space to assist (because it was once the vary resistance). Now, attempting to proceed the upwards actions wherein $36K is the realm to carry and the subsequent resistance is at $38K.”


Supply: TradingView

The 6-month low not too long ago witnessed within the BTC market had been probably triggered by fears that Russia would invade Ukraine and the chance of a surge in rate of interest by the U.S. Federal Reserve

However, some bullish sentiments are beginning to trickle into the Bitcoin market. As an illustration, Jim Cramer of CNBC’s Mad Cash present not too long ago stated that the highest cryptocurrency was probably on the ultimate leg down as vendor exhaustion continued to skyrocket.

Moreover, Rekt Capital expects a reversal within the BTC market as a result of the value has already reached the underside of the weekly Bollinger Band (BB), which regularly helps worth bottoms. The crypto analyst noted:

“At any time when BTC has deviated past the BBand resistance (blue) – the value would overextend briefly earlier than finally rejecting. So even when BTC had been to lose the decrease BBand as assist quickly, the breakdown could be transient, and the reversal would comply with swiftly.”


Supply: TradingView

Then again, technical analyst Matt Cheng believes {that a} stable bullish case is constructing for BTC. He explained:

“Bullish Case for Bitcoin is stronger than ever. 1. Solely New Cash are transferring whereas Market Cap is at lows 2. Virtually no short-term holders are in revenue 3. First time in historical past, there are these 2 indications whereas nonetheless in an uptrend.”

As Bitcoin seeks to erase the bearish momentum, time will inform the way it performs out within the quick time period. 

Picture supply: Shutterstock

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James Smith

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