The crypto market continued to showcase its resilience on Thursday following an increased crackdown on digital asset firms in the United States. The total crypto market cap remains above $1.1 trillion, despite Binance US delisting several altcoin trading pairs. According to the latest crypto market data, Bitcoin traded around $26.4k in the past 24 hours with Binance’s BNB, Cardano (ADA), and Solana (SOL) prices dropping the most among the top ten with about 6.9%, 6.4%, and 8.2% respectively.
Bitcoin Price Analysis
According to a popular crypto analyst on Twitter Captain Faibik (@CryptoFaibik), Bitcoin price recently approved a critical decision point that could either result in a breakout on either side. From the bullish perspective, the analyst noted that Bitcoin price has been supported by a rising logarithmic trend line on the daily time frame. Additionally, the analyst noted that the trading instrument rebounded from a falling trendline and is currently retesting the upper boundary.
“If Bitcoin Maintains its Position above the Trendline and Successfully Breakout from Wedge to the Upside, a Potential Bullish Rally of Approximately +20-25% Can be Anticipated,” the analyst noted.
Nonetheless, the analyst cautioned that Bitcoin price could fall towards $21.5k if the $26k support does not hold in the coming days.
High Impact News Ahead
Meanwhile, the crypto market is expected to remain in intense volatility as high-impact news approaches in the United States amid regulatory crackdown. Notably, the United States CPI and FOMC data is expected on Tuesday and Wednesday respectively next week.
Source: https://coinpedia.org/bitcoin/bitcoin-live-news-what-next-for-btc-price-ahead-of-next-weeks-high-impact-news/