The world’s largest cryptocurrency, Bitcoin price has successfully surpassed not just its key level of $23,000 but also $24,000 area. Just two days before after the release of the January CPI report the flagship currency had dropped towards $21,000 level. However, within the last 24hrs the crypto market has taken a U-turn towards a bullish sentiment.
At the time of publication, Bitcoin is selling at $24,581 with a surge of 10.45% over the past day. If the bull rally continues, Bitcoin’s immediate resistance lies at $24,800 while the support is at $24,200.
Why Bitcoin Price Is Up Today ?
Santiment, an on-chain analytics firm, claims that Bitcoin has hit a six-month high. This event gave rise to slight accumulation spotted from 100 to 1,000 BTC holders.
Another analytics firm, Lookonchain is of the opinion that one of the main reasons for Bitcoin to rise this high is the institutional buying. As per the data, the crypto market has added $1.6 billion by various funds and institutions since Feb 10.
Now, with such a positive sentiment the question of how Bitcoin will perform in the coming days arises. Here the market experts portray a bullish sentiment. One such is a closely followed analyst anonymously known as The Moon Carl who predicts Bitcoin to hit $50,000 in the next 3 months.
It’s just not that, even when Bitcoin had dropped around $21,000 and most of the traders and investors had a negative approach, Moon Carl had a strong bullish stance towards BTC.
However, the next few days are very crucial for Bitcoin price and other cryptocurrencies on the whole. This is because this will decide if the current climb is a bull trap or an actual bull run.
Source: https://coinpedia.org/bitcoin/analyst-bitcoin-price-at-25k-by-may-is-this-a-bull-trap/