After consecutive plunged markets, it’s good to see some greens since the early trading hours. The correction with the Bitcoin prices propelled the bullish momentum throughout the crypto space. Moreover, the Bitcoin event which is scheduled within a couple of hours from now could give a major boost for the BTC price to climb above $35,000.
The Bitcoin focused event will be closely watched by the crypto-universe as Twitter CEO Jack Dorsey and Tesla CEO Elon Musk along with ARK Invest CEO Cathie Wood are all set to take the centre stage. The main focus of the event is said to expand Bitcoin awareness among companies and institutions.
Despite a healthy rebound, yet the trend still needs to gain still more momentum to be validated as bullish. As the price got stuck at $32,300 for few days and failed to break upper barriers. And hence these levels are now resistance levels, which could confirm a bullish trend. Yet the strong resistance levels still reside above $36,000. And the levels above $41,000 would confirm the resumption of the bull run.
When Will Bitcoin Price Gets Triggered?
The Bitcoin price in the past couple of days has tried multiple times to breach the downtrend, yet the multiple rejections had weakened the momentum. And hence consolidating within a narrow range remains the only option. Yet after a substantial accumulation, the price gets triggered towards the next levels.
A popular analyst, TraderXO listed the possible triggers that could uplift the price above the downtrend.
The trader marked two levels, one at $32,000 and the other one at $37,000. The price is however is on the first level of the trigger and if the Bitcoin price propels as predicted by the analyst, then levels above $35,000 would be imminent. Later on, lighting up the next trigger levels at $37,000, the levels above for BTC price $41,000 may be attainable.
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Source: https://coinpedia.org/latest-post/bitcoin-price-rallies-ahead-of-bitcoin-conference/