As the cryptocurrency industry begins to recover after a long bearish streak, its representative asset, Bitcoin (BTC), is leading the charge, growing its price by more than 8% in the last 24 hours and showing potential for further bullish advances, according to a crypto expert’s analysis.
Specifically, renowned crypto trading expert and analyst Michaël van de Poppe has pointed out that Bitcoin has held above the 200-week exponential moving average (EMA) and has “bounced firmly from that area,” as he explained in a tweet on June 20.
On top of that, he highlighted that the previous resistance has turned into support, “through which a new rally can start” in the coming weeks, sharing his belief that there was “another rally to $38K on the cards” for the flagship decentralized finance (DeFi) asset.
Bitcoin price analysis
Indeed, the maiden cryptocurrency was at press time flirting with the $29,000 level, changing hands at the price of $29,061, which represents an increase of 8.13% in the last 24 hours, adding up to the 11.89% gain over the previous seven days and an 8.38% growth on its monthly chart, as per data retrieved on June 21.
Earlier, Finbold reported on Bitcoin adding a remarkable $40 billion to its market capitalization as it briefly surpassed the $29,000 mark before experiencing a minor retracement below it, again moving above it just recently, and investors are now keeping a close eye on the situation to see if it can regain a firm foothold above the crucial $30,000 level.
As it happens, optimism on the market arrives after investment giant BlackRock (NYSE: BLK) filed an application with the United States Securities and Exchange Commission (SEC) to introduce a BTC spot exchange-traded fund (ETF), sparking a wave of other Bitcoin ETF filings, including renewed efforts by Invesco (NYSE: IVZ) and WisdomTree.
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Source: https://finbold.com/rally-to-38k-on-the-cards-for-bitcoin-leading-expert-insight/