We saw a lot of price movement from the King coin over the last seven days. The $31,000 support held up as BTC saw a low of $31,112 in the seven days but failed to flip the $40k resistance as it saw a high of $39,242.
Bitcoin took a wrong turn afters remaining stable above $36k as it dropped from that price level to the current seven days low. More price actions unfolded during the last 48 hours as crypto largest coin recovered from the dip it earlier suffered.
BTC got as high as $38k in the last 24 hours as it lost its bid to retest $40k. Prices dipped to $36k as bitcoin met resistance at $38k. As per the 4-hour chart, the digital gold seems to have more bulls preventing a flip of the $36k support.
The next few days may see BTC continue its previous trading pattern as it will continue to trade between $32,000 and $38,000 until a major breakout. Bitcoin needs to continue trading above $35,000 to guarantee a retest of critical price resistance.
If the king coin continues to trade above $36,000, we may see a price hike soon. The 50 day M. A and 200 days M.A may cross path (creating a golden cross) if the current market momentum extends.
With the presence of more whales in the market, BTC will become more steady at a particular price level as most of the whales are hodling the digital asset, thereby sustaining the current market drive.
News of El Salvador became the first country in the world to adopt bitcoin as a legal tender is spreading like wildfire and more countries are sure to follow the example of this small nation.
More price actions will unfold as BTC will return to bullish ways if the golden cross takes place and prices may surge past $40,000 once it takes place.
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This article is Originally posted on CoinCentral.com
Author: Gideon Geoffrey