{"id":538295,"date":"2023-06-16T19:15:33","date_gmt":"2023-06-16T19:15:33","guid":{"rendered":"https:\/\/wncen.com\/?p=538295"},"modified":"2024-06-11T08:05:35","modified_gmt":"2024-06-11T08:05:35","slug":"bitcoin-bullish-momentum-rise-to-27200","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bullish-momentum-rise-to-27200\/","title":{"rendered":"Bitcoin Bullish Momentum Building: Expert Predicts Rise To $27,200"},"content":{"rendered":"

Bitcoin has been on a rollercoaster ride recently, with sudden price drops and spikes keeping investors on their toes. Last week, the cryptocurrency failed to break through its $27,500 resistance level and dropped to a low of $24,700.\u00a0<\/span><\/p>\n

However, Bitcoin has again shown signs of regaining its bullish momentum, with a 5% increase in the last 24 hours and trading at $26,400 at the time of writing.<\/span><\/p>\n

Many analysts have predicted a continuation of the uptrend in Bitcoin’s price, which has been ongoing since January 2023.<\/span><\/p>\n

Related Reading: Curve (CRV) Observes 7% Bounce As Short Squeeze Occurs<\/a><\/div>\n

Bearish Momentum Fades As Bitcoin Retests $26,500<\/span><\/h2>\n

According <\/span><\/a>to Glassnode co-founder Yan Allemann, the current stage in this trend is the retesting of the $26,200 level as bearish momentum fades.\u00a0<\/span><\/p>\n

Allemann believes that this is an important stage, as it will determine whether Bitcoin can break through its previous resistance and move toward the next target of $27,200<\/span><\/p>\n

However, while Bitcoin is showing signs of regaining its bullish momentum, it’s important to recognize that it is still fragile at this level. Therefore, building confidence among investors is crucial to sustaining Bitcoin’s upward trend.<\/span><\/p>\n

On a positive note, BlackRock’s recent application with the Securities and Exchange Commission (SEC) for its new exchange-traded fund (ETF) has given Bitcoin holders and bulls hope.\u00a0<\/span><\/p>\n

As reported by <\/span>NewsBTC<\/span><\/a>, the recent announcement of BlackRock’s Bitcoin exchange-traded fund has the potential to impact BTC\u2019s price significantly. If approved, this ETF would enable a wider range of investors to gain exposure to Bitcoin, which could drive up demand and ultimately increase its price.<\/span><\/p>\n

ETFs provide a convenient way for institutional investors to access Bitcoin, creating a new demand avenue for the cryptocurrency. This could increase buying pressure and a potential surge in Bitcoin’s price.<\/span><\/p>\n

Potential BTC Reversal From Support<\/span><\/h3>\n

Bitcoin has recently bounced from its bullish trend and the top of its range, indicating that it still has some work to do before establishing a sustainable upward trend.\u00a0<\/span><\/p>\n

According <\/span><\/a>to market analyst Crypto Con, one of the most accurate indicators of Bitcoin’s bullish or bearish momentum is the 140-day moving average (MA), which shows that BTC\u2019s price is below this crucial level.<\/span><\/p>\n

The 140DMA is a widely followed indicator in the cryptocurrency market, as it clearly signals whether Bitcoin is in a bullish or bearish phase.\u00a0<\/span><\/p>\n

When BTC\u2019s price is above the 140DMA, it’s a bullish signal, indicating that the cryptocurrency will likely continue its upward trend. Conversely, when the price is below the 140DMA, it’s a bearish signal, suggesting that the cryptocurrency will likely experience a downward trend.<\/span><\/p>\n

Bitcoin’s price is below the 140DMA, indicating that it’s in a bearish phase. However, Crypto Con hopes the cryptocurrency will experience a huge reversal from this support level, leading to a bearish fakeout of the 140DMA. This strong bullish signal could indicate that Bitcoin is ready to continue its upward trend.<\/span><\/p>\n

Related Reading: Shiba Inu Lead Developer Unveils Shibacals, Advancing Shibarium Development<\/a><\/div>\n

As BlackRock’s potential Bitcoin ETF gains attention and BTC gradually regains its bullish momentum, investors are increasingly optimistic that Bitcoin’s bottom is already behind. There is a growing belief that the largest cryptocurrency in the market is poised to reach new annual highs in 2023 and possibly even surpass its all-time high.<\/span><\/p>\n

However, for BTC to continue its upward trend, the cryptocurrency needs to maintain its current level of $26,000 throughout the weekend. A sustained price above this price mark could indicate that BTC is on track for a green week in the coming days.<\/span><\/p>\n

\"Bitcoin
BTC’s uptrend on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been on a rollercoaster ride recently, with sudden price drops and spikes keeping investors on their toes. Last week, the cryptocurrency failed to break through its $27,500 resistance level and dropped to a low of $24,700.\u00a0 However, Bitcoin has again shown signs of regaining its bullish momentum, with a 5% increase in the last 24 hours and trading at $26,400 at the time of writing. Many analysts have predicted a continuation of the uptrend in Bitcoin’s price, which has been ongoing since January 2023. Related Reading: Curve (CRV) Observes 7% Bounce As Short Squeeze Occurs Bearish Momentum Fades As Bitcoin Retests $26,500 According to Glassnode co-founder Yan Allemann, the current stage in this trend is the retesting of the $26,200 level as bearish momentum fades.\u00a0 Allemann believes that this is an important stage, as it will determine whether Bitcoin can break through its previous resistance and move toward the next target of $27,200 However, while Bitcoin is showing signs of regaining its bullish momentum, it’s important to recognize that it is still fragile at this level. Therefore, building confidence among investors is crucial to sustaining Bitcoin’s upward trend. On a positive note, BlackRock’s recent application with the Securities and Exchange Commission (SEC) for its new exchange-traded fund (ETF) has given Bitcoin holders and bulls hope.\u00a0 As reported by NewsBTC, the recent announcement of BlackRock’s Bitcoin exchange-traded fund has the potential to impact BTC\u2019s price significantly. If approved, this ETF would enable a wider range of investors to gain exposure to Bitcoin, which could drive up demand and ultimately increase its price. ETFs provide a convenient way for institutional investors to access Bitcoin, creating a new demand avenue for the cryptocurrency. This could increase buying pressure and a potential surge in Bitcoin’s price. Potential BTC Reversal From Support Bitcoin has recently bounced from its bullish trend and the top of its range, indicating that it still has some work to do before establishing a sustainable upward trend.\u00a0 According to market analyst Crypto Con, one of the most accurate indicators of Bitcoin’s bullish or bearish momentum is the 140-day moving average (MA), which shows that BTC\u2019s price is below this crucial level. The 140DMA is a widely followed indicator in the cryptocurrency market, as it clearly signals whether Bitcoin is in a bullish or bearish phase.\u00a0 When BTC\u2019s price is above the 140DMA, it’s a bullish signal, indicating that the cryptocurrency will likely continue its upward trend. Conversely, when the price is below the 140DMA, it’s a bearish signal, suggesting that the cryptocurrency will likely experience a downward trend. Bitcoin’s price is below the 140DMA, indicating that it’s in a bearish phase. However, Crypto Con hopes the cryptocurrency will experience a huge reversal from this support level, leading to a bearish fakeout of the 140DMA. This strong bullish signal could indicate that Bitcoin is ready to continue its upward trend. Related Reading: Shiba Inu Lead Developer Unveils Shibacals, Advancing Shibarium Development As BlackRock’s potential Bitcoin ETF gains attention and BTC gradually regains its bullish momentum, investors are increasingly optimistic that Bitcoin’s bottom is already behind. There is a growing belief that the largest cryptocurrency in the market is poised to reach new annual highs in 2023 and possibly even surpass its all-time high. However, for BTC to continue its upward trend, the cryptocurrency needs to maintain its current level of $26,000 throughout the weekend. A sustained price above this price mark could indicate that BTC is on track for a green week in the coming days. Featured image from iStock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":538296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,78790,6664],"class_list":["post-538295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Bullish Momentum Building: Expert Predicts Rise To $27,200<\/title>\n<meta name=\"description\" content=\"Bitcoin has been on a rollercoaster ride in recent days, with sudden price drops and spikes keeping investors on their toes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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