Bitcoin, cryptocurrencies, and stocks all rose after the FTX crash. The value of Bitcoin has been on the rise recently, and the general uptick in cryptocurrency prices indicates that Bitcoin BTC and Binance Coin BNB may be recovering from their yearly lows.
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Cathie Wood, in a recent interview, speculated that the value of Bitcoin could reach $1,000,000 by 2030.
For what reason has Bitcoin’s price been steadily increasing?
Although both Digital Currency Group and Genesis Trading continue to have liquidity challenges. With Bitcoin and other cryptocurrencies currently on the upswing, investors may be anticipating the conclusion of the current market correction.
Bitcoin’s price found solid ground over the $15,500 level.
A strong bid pressure persisted, and BTC began an advance above the $16,000 barrier.
There was a discernible shift in the primary fall from the swing high of $16,770 to the low of $16,351 in the last 24 hours. A major bearish trend line with resistance at $16,404 was also broken. Bitcoin has risen in value to above $16,400. Moreover, the main fall from the swing high of $16,795 to the low of $15,470 (as judged by 76.4%) remains cryptic while being significantly higher.
Indications for the Bitcoin price’s potential future trajectory
Upside resistance in the near term is seen around the $16,800 level. The first substantial barrier comes in about $17,000. If the price of bitcoin can sustain a daily closing price above $17,000, then the market may experience a genuine wave of recovery. If the price breaks through the next major resistance level at around $17,500, it may gain momentum for a push toward the $18,000 area.
Since Bitcoin’s price dropped to $17,600 on June 18, open interest in BTC futures contracts has increased. It is difficult to say whether a sudden increase or decrease in the price of Bitcoin might trigger another liquidation crisis.
Most market participants believe that if the Federal Reserve were to reverse its current trajectory of quantitative tightening and interest rate increases, the price of bitcoin would rise rapidly, eliminating a sizable chunk of the short position in futures contracts.
Image Source: coinmarket cap chart
Source: Google Trend