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The market leader, Bitcoin, has displayed a massive price action over the past few hours by adding over 10% to its valuation, resulting in it successfully achieving its $56,000 mark.
MicroStrategy’s recent buy of 3,000 BTCs is said to have been the prime reason for igniting the BTC price. Moreover, the rising inflow of digital assets post-approval of the Spot ETF also plays a major role in the surge.
Bitcoin Records 26 Months High!
The market leader traded in a closed range between $42,019 and $43,376 for about a week, following which the bulls gained momentum, and the BTC price recorded a jump of 14% during four days. After this, the price traded sideways for a while, indicating a cool-off in the price action.
Following multiple attempts, the bulls regained power and recorded a jump of approximately 8% before facing rejection at $52,468. After this, the Bitcoin price traded in a consolidated range between $50,337 and $52,468 for the next twelve days, highlighting a weak price action for the coin.
Recently, the bulls successfully broke out of the resistance level and recorded a jump of approximately 10%, breaking out of multiple resistance levels. Further, the price has recorded a 26-month high, indicating a massive bullish sentiment for the leader in the crypto market.
The Moving Average Convergence Divergence (MACD) displays a significant rise in the histogram, indicating increased buying pressure in the crypto market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming time.
Will BTC Price Drop?
If the market continues to gain momentum and pushes the price above the resistance level of $57,224, the bulls will regain power and prepare to test its upper resistance level of $60,000 this week.
Conversely, if a trend reversal occurs, the bears will lose momentum and fall to test its support level of $54,501 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $50,337 in the coming time.
