Bitcoin’s volatile price fluctuations have caught traders dizzy but they aren’t falling for the popular cryptocurrency yet. It has a very long way to go. And anyways, weekend surges are not to be trusted. Bitcoin is known to fake out moves both up and down in such conditions.
It has been holding onto the $21,306 mark after having gained nearly 2% in the past hour. BTC is up by 3.71% in the last seven days. Ethereum has been doing well. It has gained more than its counterpart and is presently trading at $1,410. Ethereum gained 3.55% in the last 24 hours.
Il Capo of Crypto, a popular social media account, told its followers not to let CT noise change their vision of how things really are. Describing it as a scam pump, the analyst said still fully out of the market and users will soon know the reason. Michael van de Poppe, a crypto analyst, had called for $21,200 to break for upside to continue. He highlighted that strength is still there and further upside is likely. Michael believes the crucial barrier, for now, is $21,000 with potential upside trends to be seen at $22,000 and $22,600.
The popular cryptocurrency was recently trading at $20,800. Market traders expect it to be in the $18,000 – $22,000 range for some time. Bitcoin has managed to maintain this range for a month now. If it breaches the $22,600 and makes a run for the $23,000, there is no stopping it from crossing the $30,000 mark. Joe DiPasquale, CEO of BitBull Capital, pointed out that Bitcoin saw positive momentum in the week. BTC remains range-bound in terms of a broader view. But it still struggles to cross-resistance at the $22,000 mark every now and then.
However, Bitcoin remains strong and resilient.