Bitcoin Price Up; Here’s Why
Following the FTX collapse, Bitcoin, altcoins, and stocks all rallied. Recently the Bitcoin price increased, and a market-wide rally in crypto prices suggests that Bitcoin BTC, Binance Coin BNB may be bouncing off yearly lows. Notably recently Cathie Wood in an interview predicts Bitcoin might reach $1,000,000 by 2030.
The reason why Bitcoin price rise
Despite the fact that Digital Currency Group and Genesis Trading are still dealing with liquidity issues. The ongoing rally in BTC and the pick of cryptocurrencies could indicate that the market is nearing the end of its crackdown.
Above the $15,500 mark, the price of bitcoin established a strong support base. BTC continued to be well-bid and started an uptrend above the $16,000 resistance level.
The main decline from the swing high of $16,770 to the low of $16,351 had a clear move in the last 24 hours. Additionally, there was a break above a significant bearish trend line with resistance near $16,404. The price of bitcoin is trading above $16,400. It is also far above the main decline from the swing high of $16,795 to the low of $15,470 as measured by 76.4% remains obscure. As per the today’s coinmarket cap chart given below:
Future possibility related to Bitcoin price trend
The $16,800 mark serves as a near-term resistance on the upside. The $17,000 area is the first significant area of resistance. A successful daily close over the $17,000 resistance level could spark a genuine recovery wave. The price may pick up steam for a move towards the $18,000 region if it surpasses the next significant resistance near $17,500.
The open interest of BTC futures contracts has been rising ever since the price of Bitcoin plunged to $17,600 on June 18. Although it is difficult to predict whether a sharp move in the price of Bitcoin would be upward or downward, it is possible that it could start another liquidation event.
According to a majority of traders, if the Federal Reserve were to change course from its current course of quantitative tightening and interest rate increases, the price of bitcoin could increase sharply, wiping out a sizable portion of the short interest in futures contracts.
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