Bitcoin and the entire cryptocurrency market have recently exhibited complex price movements. Both the bulls and bears were unable to gain clear control over BTC’s price action.
Buyers have been showing some signs of vitality lately, despite the downward feeling on social media, which could mean an upward expansion phase is coming.
Bitcoin must break critical resistance to rise
For this possibility to be confirmed, the bulls must break a key resistance level that has been strong over the past few weeks.
At the time of writing this article, Bitcoin is trading with a slightly under 4% increase at its current price of $ 34,720. This marks a notable increase from the $ 29,000 lows set last week.
BTC has been rising since dropping below $ 30,000, which remains a key support level. An ongoing downtrend in the king cryptocurrency, which ate a key level of rejection that analysts have watched for quite some time last night, could point to significant losses approaching.
May 20,000 dollars next
Despite the power seen overnight, analysts now point out that Bitcoin may be ready to see further declines.
A trader explained that the coin will remain in a bearish trend until BTC moves above a tested trend line during the bullish overnight. The trader expects a move towards the low $ 20,000 zone in the medium term.
— Wolf 🐺 (@IamCryptoWolf) February 2, 2021
The next few days can give a serious idea of where the crypto market will head in the medium term.