Bitcoin has experienced some turbulent price movements recently. The crypto currency rose as high as $ 28,500 yesterday morning. A subsequent strong rejection dropped the price below $ 26,500.
This price level has found some strong support around it and is trying to use it as a support base for growth throughout the morning.
Where the trend is in the medium term will undoubtedly depend on whether these highs are creating a boom for the cryptocurrency.
One analyst believes that although this is a possibility, the drop after encountering a rejection at these peaks is not enough to confirm that there is a “peak”.
Over the past few days, Bitcoin has surged from lows of $ 24,000 to $ 28,500 on the 25th of this month.
BTC could go higher
Despite facing a rejection here, the price is still rising significantly from where it was a few days ago and may continue to rise further in the coming months.
One trader points to the possibility that this recent rally and rejection will create a boom, but he is not entirely convinced of this boom due to the strength seen after the rejection.
Bitcoin is currently trading at $ 27,112. This level marks a notable recovery from the $ 26,500 low set this morning.
This level also means a significant drop from the $ 28,500 level.
The rejection here was intense. However, the bulls are in the process of absorbing the intense selling pressure.
Hasn’t BTC peaked yet?
Speaking about this price action, a trader named SalsaTekila explained that the recently rejected level of Bitcoin is not the last peak.
While he doesn’t believe that this rejection creates a bursting point, he’s closely watching crypto’s ongoing response to recent selling pressure entries.
BTC is in recovery after its recent sales. Therefore, there is a strong possibility that the bulls will rule out the possibility of this being a local peak.