Bitcoin (BTC) Recovers, But Will Upside Momentum Continue? Analyst Shares Take
Bitcoin (BTC) is showing a very promising outlook today with its price recording a 1.01% growth to $27,159.74. At current level, its price is now above the key support level at $27,000. The bullish momentum has also seen the biggest digital currency pare off the losses it has accrued over the past week with the growth within this time ticking up 0.46%.
Commenting on the current Bitcoin price strides, popular on-chain analyst Rekt Capital said the top cryptocurrency may be forming an “exaggerated” bullish divergence on the daily RSI.
He believes that despite the enthusiasm for growth, investors will be better off to understand that the key resistance for Bitcoin to breach is pegged at $27,600. With Bitcoin price notably below this highlighted resistance point, the assumption that the crypto has broken free from its major instability appears to be a fallacy in this instance.
Bitcoin remains the major marker for other altcoins and with the sheer skepticism lent into the price outlook of the asset, we cannot categorically state that other altcoins are also on their path to recording major price runs.
Bitcoin Recovery: The US Economy Factor
There have been a lot of factors weighing down the growth push of Bitcoin over the past few weeks and one of the latest is the impact of the possible debt default by the US Government. The general uncertainty in the negotiations as key leaders involved in the discussions have been playing the blame game has pushed some investors to steer clear of risk assets like Bitcoin.
President Joe Biden has emphasized that a successful debt deal is one that will in no way protect crypto traders, which imply that there may be a yet-to-be-revealed downside for investors in the nascent industry. This is considered a red flag that has the potential of also keeping some investors away from the injecting capital into the industry.
Crypto traders need to get clarity to most of these uncertainties in order to plan their investments for the long term. In the meantime, BTC price may be hovering around the major support at $25,000 and the resistance level around the $27,600 identified by Rekt Capital.
- Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
- FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
- North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
- Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
- BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
