Will Bitcoin (BTC) Price Revist $29K Level Or Surge Above $31K This Week?

The post Will Bitcoin (BTC) Price Revist $29K Level Or Surge Above $31K This Week? appeared first on Coinpedia Fintech News

Bitcoin and other cryptocurrencies experienced an upward trend on Tuesday but remained within a familiar trading range. Despite some experts expressing caution due to upcoming inflation data and uncertain interest rates, the recent price jump above $31,000 has sparked optimism in the market. However, Bitcoin closed below $30,000 after briefly reaching a high of $31,500 on July 6. Currently, Bitcoin is trading at $30,660.

In a recent video analysis by Eric Krown Crypto, he suggests that while a slight pullback to around $28,500 or $29,000 is possible, the performance of Bitcoin miners like Riot and Marathon Digital indicates a potential continuation of upside momentum. Although short-term corrections cannot be ruled out, overall sentiment remains bullish, particularly considering the historical correlation between Bitcoin and these miners.

Analyzing various time frames such as the 12-hour, 6-hour, 4-hour, and 1-hour charts, Krown highlights mixed signals and divergence, suggesting that Bitcoin may continue to trade sideways for a few more days, potentially retracing towards $30,000 or slightly below. However, the positive indications from Bitcoin miners make an upside resolution likely, possibly by the end of the week.

Notably, this recent bear market has been Bitcoin’s longest in history, lasting for 490 consecutive days, surpassing the previous record of 353 days set between November 2014 and October 2015. The market downturn coincided with significant developments in the pursuit of spot Bitcoin exchange-traded funds (ETFs), which have garnered attention from major asset management companies like BlackRock and Wisdom Tree.

In summary, Bitcoin’s recent breakthrough of the $31,000 mark has increased optimism among traders. While short-term volatility and potential retracements are expected, the positive performance of Bitcoin miners and the historical correlation with Bitcoin suggest a potential upside continuation. Traders should monitor the market closely for a possible upward resolution in the coming days, with attention to key price levels and signals from Bitcoin miners.