NewsletterBitcoin Price Heading To Danger Level; What’s Next $30k Or $25k?
The price of the leading cryptocurrency bitcoin is currently swaying between $27,000 and mid $26,000. At the time of writing, BTC is trading at just above $27,300, nearly 2% up during the day. With today’s pump, bitcoin could potentially be on the cusp of a bullish breakout..
Crypto analyst Credible Crypto suggested that with today’s price pump we might be looking at the highs at $27,700. However, the analyst suggested, the price may face a potential rejection at that level given the recent lows and aggregate open interest.
Bitcoin price to see next resistance at mid $28k
The analyst further suggested that if the bullish momentum we are currently seeing is strong enough and this isn’t just a fakeout above our highs, we should push to the mid $28k. The leading cryptocurrency then would have entered the next major resistance. Post that resistance, BTC price will witness a huge surge, as per the analyst.
Glassnode co-founder Negentropic also believes that the bottom for bitcoin is near and that it is only a matter of time before the price “goes off. As per his analysis, bitcoin shorts are getting exhausted after failing numerous attempts to break below 200 SMA, a level which he deems to be “a solid support.”
Bitcoin supply on exchanges sinks to five year lows
Bitcoin holders are losing confidence in centralized exchanges as the supply of the leading crypto has sunk to a level not seen in the past five and a half years. There has been a significant shift from custodians to self-custody systems in the last year and a half.
Read More: Weekly Trading Volumes for Bitcoin (BTC) & Crypto At Historic Low, Major Correction Ahead?
The world’s leading crypto exchange Binance has also witnessed significant bitcoin outflows over the past few months. quantities of BTC on exchanges generally hint at future bull runs. Analytic firm Santiment had also earlier claimed that declining coins on exchanges generally hint at future bull runs.
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