Bitcoin and other crypto assets were mostly unchanged on Monday after a protracted and quiet weekend. In the previous week, the market leader barely moved and traded in a relatively narrow range. A trader and analyst, however, has claimed that a big week is looming for Bitcoin and that it may be a market mover. Michaël van de Poppe took to his Twitter handle and said that Bitcoin is still stuck in a range.
He wrote, “Bitcoin is still stuck in the range. Good move overnight to $28,500 and back to consolidation. The big event this week with CPI, probably the market mover. If another test of $28,600 takes place, I’m assuming we’ll be breaking out upwards.”
The $28,000 resistance has been overcome, and the price of Bitcoin is now rising again. For BTC to move higher, it needs to pass through the $28,500 and $28,800 resistance levels.
Will Bitcoin hit the $29k mark soon?
Poppe had earlier said that the altcoins might start to break out once confidence returns to the markets.
He had written, “Bitcoin consolidated at support and runs to $28,500. Another test of $28,600-29,000 and we’ll most likely breakout significantly. More importantly; confidence comes back in the markets then, so you’ll see more #Altcoins starting to break out.”
Recently, Bitcoin crossed a crucial threshold of $30,000. This has turned out to be a big resistance level and the recent impetuous advance in Bitcoin has been stopped around this level, leading to a period of consolidation.
The largest cryptocurrency in the world has increased by 70% so far this year and is holding steady at around $28,000 this month, despite pressure on equity markets from higher interest rates to combat inflation, a string of bank failures, and indications the U.S. economy may be entering a recession.
Source: https://coinpedia.org/bitcoin/bitcoin-price-is-gearing-up-for-the-big-event-which-may-act-as-a-market-mover/