Bitcoin (BTC) reached an all-time high of $68,788 per coin on November 10, 2021.
Since then, the world’s most sought-after cryptocurrency has experienced extraordinary volatility, and the market has appeared reactive and fragile, with the Fear & Greed Index indicating a high level of doubt and uncertainty.
Since January 5, the price of BTC has fluctuated between $35,000 and $45,000, a relatively narrow range considering the currency’s track record of fluctuation.
As a result, this could be the start of a long-awaited period of stabilization for the market’s top digital asset.
Bitcoin Still To Reach Previous High
The flagship cryptocurrency has yet to reclaim its 2022 high of $47,800, which it achieved on January 1 and 2 — approximately three weeks before plunging to $33,183.
Bitcoin may have flirted with $40,000 on numerous occasions in 2018, but those growth spurts are yet to be realized.
But, the price has rallied this week. According to CoinMarketCap, Bitcoin gained approximately 6.65% in the last seven days and was trading at $41,770 at the time of this writing, surpassing the $40,000 mark on Friday. In the past few days, other coins also saw an increase in value.
Pullback To Support Levels Seen
Bitcoin’s price is edging closer to its upward limit following an almost week-long slow strut-up. As a result of the presence of many obstacles, a pullback to stable support levels for BTC is anticipated.
Bitcoin’s price is encountering numerous resistance points as it approaches the $45,000 local high. A retest of the bearish breaker zone between $42,866 and $43,754 is expected to result in a downturn to $38,887 and below.
BTC market capital at $792.68 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Related Article| Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’
The BTC price reached four highs that were identical since January 22 and three lower lows. You can combine these swing points to create an ascending triangle with trend lines.
This technical structure forecasts a 20% increase, calculated by adding the distance between the initial swing high and low to the $44,417 breakout point.
Bitcoin Up for Further Rally
The current geopolitical situation, rising inflation, increased interest rates and rising oil prices have led to many experts in the industry betting that Bitcoin will be worth more than $1 billion by 2018. Many want it as a hedge against inflation or as a safe asset.
Bloomberg recently reported that despite a huge fall to usher in the year, Bitcoin is poised for additional price gain.
Ethereum nears $3K
Following a volatile week, Ethereum (ETH), however, gained ground Friday.
Ethereum has rallied up to 5% in the last 24 hours, closing in on $3,000 for the first time in two weeks.
Ether’s growth is partly a result of efforts toward the mainnet integration of the Ethereum blockchain and the Beacon Chain.
Similar Article: Ethereum Seeks Biggest Exchange Withdrawals this Year – Is There a Bump in the ETH Price?| Ethereum Sees Biggest Exchange Withdrawals This Year – A Bump In ETH Price In The Offing?
Featured image by Coingape. Chart from TradingView.com