In the past 24 hours, the trading price of Bitcoin (BTC) has experienced a slight push. Due to the push, the value of the asset has moved up by 0.60%. This is the jump recorded by CoinMarketCap in the past 24 hours.
As the Bitcoin price has edged higher, it is now trading at a high of $16,653.12. Although the past 24-hour push has been in the positive direction, the situation has been different in the past 7-days.
The past 7-day chart for Bitcoin shows that its price is 1.30% negative and it still needs to cover these losses.
Michael van de Poppe’s Tweet about Bitcoin
One of the highly experienced and followed analysts on Twitter recently shared his thoughts on the moving price of Bitcoin.
He revealed what his trading strategy for Bitcoin is going to bring in for the asset in the upcoming days.
He stated that although the past 7-day growth has been in the negative, the past 24 hours hold a lot of significance. They can define where the price of the asset may move in the upcoming days.
For now, the trading price of BTC is at $16,653, which is close to a strong support level. The bulls are defending the level with strong buying momentum, which has resulted in a slight rally.
He stated that if he were to control the trend, he would continue defending the particular level to assess the selling ability of the bears.
If he were to hold them off for a longer period, he would expect more support to come in for his support in the future. This would grant him the ability to push the trading price of Bitcoin higher with strong power.
If the bulls manage to hold the crucial support level and keep sustaining the bearish pressure, then they will be able to go for a rally. They will be able to push BTC’s price higher with stronger buying momentum.
This would build enough pressure over the bears that they will step aside and let Bitcoin push to a strong resistance level.
Bitcoin to Surge to $17,100
According to Van De Poppe, the bulls currently have a strong resistance ahead of them at $16,700. If they are able to sustain the pressure, they will definitely be able to bring more investors to their support.
This would eventually attract more investors who shall try their best to support the trend. This way, the trading price of Bitcoin will move to a high of $16,700 and then cross it with success.
With the bulls successfully breaching the resistance at $16,700, they will be able to increase the volatility for Bitcoin.
The confidence will run back to the buyers and they will start taking the risk of buying Bitcoin on a much higher level. As the year is new, there is a high possibility that the investors may be driven with positive sentiments.
If things and the sentiments do work out in favor of the buyers, then Bitcoin’s price will move and cross the next resistance level.
They have to bear in mind that they will need to exert a lot of buying pressure to be able to hit a particular level. If they manage to do it, then Bitcoin’s price may surge to a high of $17,100.
It is important to understand that the RSI is also leaning towards the upward trend. Therefore, it is a good sign for the bulls as they have the blessing from the RSI to carry on with their march.
The US economic data such as the FOMC meetings, job openings, and inflation reports may also boost the confidence of the bulls.
These factors combined may offer enough strength to the bulls to keep pushing harder. They will continue exerting stronger pressure and may eventually move Bitcoin closer to $20,000.