While the Bitcoin headlines have largely been negative lately, it seems there’s a ray of hope. The biggest cryptocurrency by market volume is on a small rally that gives bulls hope that the price will soon make a bigger jump. Currently hovering over $34K, Bitcoin’s rally is on its third day. Even better, Bitcoin has rallied above its average price in the past 20 days, which obviously shows that the most popular crypto token is slowly gaining momentum.
It comes in a time where positive reinforcement is welcome amid negative reports that has scared many investors.
Time for a Big Jump
At the moment, the resistance level sits just over $38K. Whenever Bitcoin breaks it, and that should happen soon, it will surely rally toward over $40,000 and probably over it once again. Paul Barroso, Atani’s CFO, believes that before that happens, we’re in for a couple of choppy months.
Barroso believes that the market remains bullish in the long run and it will recover quicker than expected. All technical data is pointing toward a price rise, with the 20-day moving average in an upward trend. Plus, Bitcoin’s rally extends in the wake of Binance’s UK ban, which surely means that the current trend is positive.
One of China’s biggest crypto trading platforms, Huobi, has also prohibited trading derivatives, putting the crypto market in a corner. Despite that, Bitcoin has done well over the past few days, so it obviously shows that the market remains bullish in the long run.
In the wake of Bitcoin’s rally, other tokens have also gained traction. Bloomberg’s Galaxy Crypto Index which tracks a host of coins has been up by 6.6%, meaning that the altcoin market is on the upside too.
Investors Remain Interested
Crypto investors and adoption remain in very high demand. The Bitcoin buying volume represents over 70% of total retail volume last week, and nearly 90% of all transactions last week were buys. There’s a massive influx of new customers on the market that see Bitcoin as a great investment opportunity in the long run.
Recent news around the world on Bitcoin haven’t been pleasant, but the market perseveres. While many investors will shy away, new ones will take their place. Bitcoin is still on the rise despite the recent troubles, and that’s seen as a positive sign that the market can heal and progress further soon.
Many experts still believe that Bitcoin is on track to reach $50K by the end of the year. The present weaknesses are seen as a great time for investing. Ether is also supposed to make a jump toward $5,000, which could happen as soon as this winter. The most recent price swings were initiated by China’s crypto crackdown but like many before it, this will pass as well.
Like many times before, the crypto market will persevere. It’s just a matter of time before things take a wild positive turn, so there’s no reason for panic dump-offs at all.