Experts say future bitcoin price fluctuations could play a key role in predicting the trend. The $ 38,500 is currently acting as a resistance, and analysts say crossing the area is necessary to reverse the uptrend.
to the the report Coin Telegraph Market data show that the bitcoin price retained support at $ 35,000. After that, the price of Bitcoin jumped to $ 39,000. Shortly after this jump, we saw the beginning of the price stabilization phase. At larger timeframes, however, Bitcoin has yet to make decisive price movements.
Rekt Capital, a leading market analyst, believes that bitcoin should become a $ 38,000 support area. He said on Wednesday that $ 38,000 was important in the current price stabilization cycle.
The $ 38,000 area is the area to look at.
In the Altcoins market, we are witnessing a decline in volatility, but the question remains whether or not we will see another massive fall.
Crypto Ed, a digital currency trader, is among those who predict that the price of bitcoin will approach $ 30,000; A forecast that seems far-fetched given Friday’s fluctuations. He wrote about this:
Several floors and ceilings are formed in the diagram, and this makes me at least think that this wave is not drawn to lower levels.
He also published a chart in his tweet. Crypto wrote in another part of his tweet:
The yellow horizontal line can be confirmed after breaking and retesting.
Looking at the trading situation in Bainance, the world’s largest digital currency exchange, it can be confirmed that we are seeing resistance at $ 38,500 and $ 40,000. While above $ 30,000, there is not much support.
The situation of the Altcoins market has been very disappointing. Altcoin traders lost about 4 percent on Friday. Meanwhile, the AMP token grew by 17%.
Bitcoin currently dominates the market with 44%. The king of digital currencies dominated last week at 42%.