Bitcoin has seen a sharp decline from exchanges, reaching its lowest level since December 2017. As of today, the market cap of Bitcoin has increased impressively to $47,354.66.
Despite this daily rising trend, traders have maintained a skeptical stance for the third consecutive week, suggesting that cautious sentiment remains in the market.
Bitcoin’s price trajectory recently underwent a successful reversal, increasing its dominance over altcoins.
The reduction in Bitcoin supply on exchanges, which now stands at just 5.3% of the total supply, indicates a strong holding pattern among investors.
This outflow from exchanges appears to be a reflection of the continued increase in self-custody among crypto investors.
The market has seen Bitcoin price break through resistance levels, reaching an intraday peak of $46,225.
This upward progress reflects the strong price breakout potential of the asset.
The $47,000 range represents a major resistance level on the charts and a historical point of breakout.
The ability of Bitcoin to break this price point and hold above it would be an indicator of a continuation of the rally.
Bitcoin’s price action has seen it test key moving averages, with the asset currently trading above the short-term average, which looks increasingly likely for a continued upward move.
There is a possibility of continuous upward movement. However, the impending resistance at $47,000 stands as a formidable obstacle that the cryptocurrency must overcome to maintain its upward trajectory.
The result of a test of the $47,000 range will set the direction for Bitcoin’s market behavior in the coming weeks and could either confirm the asset’s bullish trend or lead to a correction.
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