The price of the leading cryptocurrency bitcoin is currently fluctuating between $27,000 and mid $26,000, trading just above $27,300, which indicates an increase of nearly 2% during the day. This price pump could potentially signal the cusp of a bullish breakout. Crypto analyst Credible Crypto suggests that the highs at $27,700 might be achievable from today’s price pump. However, the price may face potential rejection at that level due to recent lows and aggregate open interest. If the bullish momentum is strong enough, pushing to the mid $28k is the next possible step.
According to the analyst, the leading cryptocurrency would encounter the next significant resistance after surpassing mid $28k. Post that resistance, the bitcoin price could witness a huge surge. Glassnode co-founder Negentropic also shares the belief that the bottom for bitcoin is near and that it is only a matter of time before the price “goes off.” This is backed by his analysis, showing bitcoin shorts getting exhausted after numerous failed attempts to break below the 200 SMA, a level considered to be a “solid support.”
Meanwhile, bitcoin holders seem to be losing confidence in centralized exchanges as the supply of the leading cryptocurrency reaches a level not seen in over five years. This could be due to a significant shift from custodians to self-custody systems over the past year and a half. For instance, the world’s leading crypto exchange Binance has experienced substantial bitcoin outflows in recent months. Analytic firm Santiment claims that declining quantities of bitcoin on exchanges typically hint at future bull runs.
However, it is important to note that the presented content may include personal opinions from the author and is subject to market conditions. Therefore, individuals should conduct their market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for personal financial losses that may be suffered as a result.
In conclusion, the current price fluctuation of bitcoin could potentially lead to a bullish breakout if the momentum is strong enough to push past resistance levels. With the decreasing reliance on centralized exchanges and an increasingshift toward self-custody systems, the future of bitcoin remains uncertain, yet many experts predict an imminent surge. Novices and experienced crypto investors alike must stay vigilant in their market research while building on their investment strategies to navigate these unprecedented times.
Source: Coingape
