- Bitcoin has finally started to rise after much consolidation last week. The cryptocurrency is currently trading at $ 36,000; This is the cryptocurrency’s highest price in a few weeks (ignoring the Elon wick) after dropping from $ 42,000 to $ 30,000 in January.
Bitcoin has finally started to rise after much consolidation last week. The cryptocurrency is currently trading at $ 36,000; This is the cryptocurrency’s highest price in a few weeks (ignoring the Elon wick) after dropping from $ 42,000 to $ 30,000 in January.
Analysts think this price action could lead to a stronger breakout in the coming days.
Bitcoin price crossed two key resistances
A leading crypto asset analyst recently shared the chart shown below. The chart shows that Bitcoin has passed the two key resistance levels that formed from the highest levels seen earlier this year.
Graph of BTC’s price movement over the past few weeks, with analysis by Bitcoin Jack. Source: BTCUSD from TradingView.com
The analyst has a good track record in field analysis. He correctly predicted that in March 2020 Bitcoin would have a V-shaped reversal that would take it back to the $ 10,000 range by June. It also accurately predicted that there would be more outages later in the last year.
The MicroStrategy impact is likely to boost BTC as well.
The firm is hosting an online event in the coming days to discuss how companies around the world can integrate Bitcoin into their businesses, whether from a financial investment perspective or a payment perspective. CEO Michael Saylor said:
“If you are interested in the legal issues faced by companies while integrating #Bitcoin into their corporate strategies, you are not alone. We have professionals from more than 1400 companies that will join us tomorrow to talk about this. There is still time for your legal team to participate. ”
He had previously stated that thousands of executives would attend this event:
“We will bring together thousands of managers, officers… directors and consultants in the first week of February. They all want to find out how to add # bitcoin to their balance sheet or P & L… We will make it open source. ”
This event could result in billions more being transferred from the traditional financial world to cryptocurrency.