The future of Bitcoin is proving to be as hard to predict as its past. While traders are facing a tug-of-war at the $29.3K price range, now regarded as a pivotal zone in the crypto market, the outcome still remains uncertain.
The essence of this marathon lies in which party—bulls or bears—will win control over the market, currently fluctuating within the limited bounds. What we must zoom in on, according to informed trader, Daan Crypto Trades, is the no man’s land around $29,700. This battleground must be conquered by the bulls for a dynamic shift in the market to occur.
However, the current state of affairs, which has seen Bitcoin price rise above and fall below the mentioned price almost consistently, has kept the market in check. It’s turning into a stronghold, a contested zone where only the fittest will survive. The steadfast since mid-June build-up has convinced traders of something more significant—$28,500 as the basest support and $31,800 as the highest resistance.
Bitcoin traders are thus put up for a test. Their resolve will either push the selling pressure or uphold the price within the confines of the noted range. An observation by trader Skew, showcased how frantic the market has become around the $29,000 mark.
Despite this, recent behavior has shown “weak” action on short-term prices, despite maintaining itself above various exponential moving averages (EMAs).
Visa’s groundbreaking attempt in reducing friction for blockchain users is worth noting too, where onsite gas fees can be paid through Visa debit cards, thus potentially eliminating the need to buy, hold, and use ETH solely for covering gas fees.
Possibly a game-changer that might impact how cryptocurrency wallets function in the future, it could improve user interactions and open up pathways for wallet and paymaster providers, in addition to allowing gas fee payments with Visa cards.
Its wider ramifications, both on the cryptocurrency ecosystem and traditional banking, could be truly transformative. However, any further analysis or speculation is merely conjecture, and as always, investors are advised to be vigilant and conduct diligent research before making any investment decisions.
Source: Cointelegraph
