The crypto market was amazing today, with most of the cryptocurrencies closing the day deep in green after weeks of little to no volatility in the crypto market.
We also saw positive fundamentals come out for Bitcoin today as new data shows that the biggest cryptocurrency in the world is getting eco-friendlier day by day. Bitcoin Mining is Now Eco-friendlier? New Data Reveals.
This news increases the possibility for us to see even more investments come into Bitcoin as “eco-friendly first” investors and organizations can now start putting Bitcoin on their watch list as a possible investment asset in the coming months.
You can trade Bitcoin and Ethereum with leverage on Bybit. By using our link you can get up to $600! (Bonus may vary based on deposit amount)
Claim up to $30,030 in Bonus
The Crypto Bull Is Still Alife!
We saw the Bitcoin price bounce violently from the $28k daily support, clearly indicating the bulls are still fully in this market and plan to defend that $28k support.
The importance of this support can not be overestimated. A price and break below that $28k support brings our Daily Head and Shoulder Pattern into play.
This pattern is very bearish for Bitcoin, making it very important for the bulls to defend the $28k support which also doubles as the neckline of the head and shoulder pattern.
Right now, Bitcoin is still ranging around that region. We need to see the bulls continue to push the price higher in the coming days in order to completely invalidate and remove the risk of that head and should pattern playing out!
Key Levels To Watch
For this bullish bias on Bitcoin to remain valid, we need to see the $28k support continue to hold. If this level holds, we can expect to see Bitcoin price use this Bitcoin support as a strong base to rally even higher from soon!
The biggest question crypto traders are asking is are the Crypto bulls finally back or can we expect to see volatility and momentum fade away soon?
Bitcoin Key Resistance. Watch This Pattern!
For the Bitcoin bullish price prediction, we are still monitoring the Bitcoin converging pattern we identified on the 4-hour timeframe. Bitcoin Flashing Bullish! Watch This Hidden Level
The levels mentioned in that analysis are still being respected. A break and close above the descending channel could be the perfect confirmation for the start of the massive bull run in Bitcoin.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting