Just when the entire cryptocurrency industry had gotten to the verge of giving up, the overall crypto-market has rebounded again. Whether it is a major cryptocurrency or a minor, they are all showing their true potential.
Bitcoin (BTC) is also currently demonstrating a high performance as it has continued observing a rally in the past 7-days. Although the price of Bitcoin (BTC) was already struggling to make a comeback from the starting of December 2021. It ended up taking another low blow on January 21, 2022, when BTC’s price ended up taking a huge dip.
On January 20, 2022, Bitcoin’s price was at $43,060.89, and it was considered a high figure has given the trend BTC had been observing since December of 2021.
However, Bitcoin’s situation turned ugly on January 21, 2022, when its price started plunging. From January 21, 2022, until January 24, 2022, the price of Bitcoin had dipped to $33,503.47. It was reportedly the second-lowest price BTC had witnessed since the May 2021 dip.
From that point, it was a bumpy trendline for Bitcoin that the entire investment community was observing. After more than one and a half months of hardships, the price of Bitcoin has started making a comeback.
After experiencing a dip of $33,503.47, the price of Bitcoin has started rebounding, and it is currently observing a price of $44,185.55 per BTC. The data shows that in the past 7-days, the price of Bitcoin has swelled by 14.33%. As for the past 24-hours, the price of Bitcoin has grown by 5.97%.
This is a good sign for the entire Bitcoin community, as Bitcoin may be getting ready to move towards another all-time high. For now, the biggest challenge at hand for Bitcoin is to get past its strong resistance marks.
Even after a week-long surge, Bitcoin is not out of bearish territory. As of now, the RSI and the moving averages for Bitcoin are in the negative territory. These figures suggest that the price of Bitcoin may end up facing a downtrend in the upcoming days.
However, it is the investors that can steer the trendline for Bitcoin in the positive/negative territory. For now, the investors seem to have high sentiments for the positive trend of Bitcoin. Therefore, they may continue increasing their investments to cause a swell in Bitcoin’s price.
If things go as expected for the bulls, then Bitcoin may soon be able to reach the first strong support ($46,555.24). If the bulls are able to win against the bears by pushing harder with their buying power, then BTC may reach its second strong resistance mark ($49232.16).
As Bitcoin comes closer to the $50k per BTC mark, the investors may attempt to push it over the particular mark with strong buying power. That way, the investors may be able to push BTC all the way up to the third strong resistance mark ($52,063.01).