Reserve

Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/bitcoin-stuck-at-29000-heres-when-you-can-expect-a-bullish-breakout-beyond-30000/">Bitcoin Stuck at $29,000-Here’s When You Can Expect a Bullish Breakout beyond $30,000</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The weekend trade remained largely stagnant as volatility dropped to its lowest levels as the price failed to rise during the weekend trade. The crypto volume has been plunging for nearly a week now, due to which the prices of the majority of tokens have been stuck in a range. Amid the speculation and perceptions, below are a few factors that indicate the possibility of a bullish breakout in Bitcoin.&nbsp; 
The Bitcoin (BTC) price has entered strong consolidation levels and is trading around $29,000, leaving market participants perplexed about the next move. Meanwhile, some of the factors are hinting at a possible upward movement, which may lift the price beyond the bearish captivity.&nbsp; 
Firstly, the Bitcoin network has registered an improvement in network activity as a notable rise in new addresses has been witnessed. During the recent drop from $32,000 to $29,000, the number of new addresses has surged from around 632,000 to as high as 750,000 addresses per day, indicating a rise in adoption levels.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/M3AlfS8QgiiIn5DXzbt0xlZmWtasuIbbeNsaSGpY5j2cdGgsBRc6pHt3Px9_VbCI_W07KN6Pf6s3TaaWy8U93hxhOxwPIi4S9xj3Eex4mKGW5CRHkFzlmmZHWDm6uAHlRHdMtbSyrhB3pbkN4d4kxHY" alt=""> 
</figure> 
Besides the other indicators like MVRV, aSOPR, Puell Multiple, Reserve Risk, etc., they are flashing bullish signals, which indicates the ongoing price action could be only a minor pullback, subjected to a flip.&nbsp; 
Besides, one of the major bullish events is fast approaching the BTC price as it is about to undergo a ‘Golden Cross’ in the 3-day chart. One of the popular analysts, <a href="https://twitter.com/TradingShot/status/1687397421360332800" rel="noopener noreferrer nofollow">Tradingshot</a>, discovered a possible bullish scenario that is fast approaching the crypto markets. BTC is about to witness a golden cross.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/mQUDlkKZqVTilsJ7CDW34WivvxeQfVZRwHxyrJyC1VwzpnUbbAgxbc4wA9GRT7380cHi6RZUOQXtqd1AqTzZV3G2UX48LYziD07IFabDqJRTeG60cWRS2u33LjegCE7ZJu-FPXn5nZVgNbYaAyso-3w" alt=""> 
</figure> 
This event occurs whenever the 50-day MA line crosses the 200-day MA line and heads toward the north. This crossover is a positive signal for the crypto space as the Bitcoin price may explode significantly. The analyst noted that the price could shoot up finely and in a year’s time, the price may even test the current ATH at around $69,000.&nbsp;

Bitcoin Stuck at $29,000-Here’s When You Can Expect a Bullish Breakout beyond $30,000

CoinPedia News

2023년 8월 7일에 게재된 다른 기사

The Singapore Red Cross is Now Accepting Cryptocurrency Donations!

Bears Dominate Session as Shiba Inu Faces Corrections

Smart Buyers are Buying During Dip, Get Pepe, Shiba Inu, and Pomerdoge Cheap

Breaking: Paypal launches stablecoin for payment

MicroStrategy may raise up to $750 million to buy Bitcoins

PayPal Introduces PYUSD Stablecoin

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!