• Bitcoin (BTC) price is on a bullish run, currently changing hands at a price of $26,813.03 with a combined crypto market cap of $1.12 trillion.
• There has been a significant selloff that suggests the digital currency is yet to establish any defined support line.
• Investors are speculating whether BTC will breach the $25,000 support level or the resistance level at $30,000 first.
Bitcoin Price Bullish Run
Bitcoin (BTC) price is on a bullish run as investors are hoping for current trends to be sustained. With the combined crypto market capitalization dropping significantly in recent days, there was a major jump in price and valuation stirred by Bitcoin which has paved the way for other altcoins to follow suit. At the time of writing, Bitcoin is trading at $26,813.03 with a combined crypto market cap of $1.12 trillion – up by 1.66 percent over the past 24 hours.
Conflicting Fundamentals Weighing On Investor Sentiment
The digital currency ecosystem has been showing intense volatility all week long due to conflicting fundamentals weighing on investor sentiment. Factors such as interest rate hikes based on Central Banks’ response to inflationary growth have made investors more risk-averse when it comes to investing in assets like Bitcoin thus causing an imbalance in its growth so far this year despite opening up with a bullish momentum that defied every worrisome negative economic indicator revealed along the way.
Question Of Whether BTC Will Breach Support or Resistance Level First?
Many investors are now wondering if Bitcoin will be able to breach either the support level at $25,000 or the resistance level at $30,000 first before experiencing any semi-mild volatility again considering that around two days ago it breached its 200-day Weekly Moving Average (WMA) touching lows of about $26,100 before recovering slightly today. The actions of major whales and further buying action from retail investors may tilt prices either way and push BTC closer towards breaching one of these levels sooner than expected.
Are Bulls Still In Control?
At present, it remains unclear whether bulls are still in control after experiencing heavy losses throughout most part of this week despite some recovery seen today but hopefully with more positive news coming out regarding cryptocurrency regulations and acceptance globally plus other institutional investments being made into this sector we might be able to see better results soon enough especially with many expecting bitcoin’s performance this year to exceed expectations if certain key issues can be addressed positively in due course .
Conclusion
Whilst there is still much speculation surrounding bitcoin’s future performance and whether it will hit either its target support or resistance levels first , one thing remains clear which is that cryptocurrencies remain an attractive asset class for those looking for high returns and therefore should not be ignored even during times like this where we see heightened volatility .
