$31,000 Signals a Bottom? Find Out More
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Bitcoin is continuing to rise and stabilize, owing to globally optimistic signals. In the preceding week, the cryptocurrency rose more than 8%, breaking above the $31,000 mark.
As per CoinMarketCap, the cryptocurrency currently stands at $31,495 (at the time of writing this article), witnessing a 5% rise in its value. We would find out how the past week looked for Bitcoin and what stands ahead for the cryptocurrency.
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Bitcoin Price Prediction: How has Bitcoin performed in the last 24 hours?
Bitcoin jumped on Monday, after a nine-week losing streak. The cryptocurrency which at the time of writing stood at $31,495 avoided a red weekly chart in a row, and at a market cap of $599.77 billion.
The cryptocurrency rose 5% in the last 24 hours. The 24-hour trading volume for Bitcoin stands at $29,801,380,364. At the time of writing, Bitcoin rose from its 24 hour low of $29,495. The world’s largest cryptocurrency saw a sluggish start for the early hours of the last 24 hours, and picked up momentum after an hour, breaching the $30,000 mark.
Bitcoin Price Chart via CoinMarketCap
After around 5 hours or so, Bitcoin went back into the $29,000 territory, finally regaining momentum. After picking up pace, at $29,999, the cryptocurrency rose gradually, reaching a high of $31,689. At the moment, it is trading at a price of $31,232.
Reason Behind Bitcoin’s Stability and Rise
The cryptocurrency market overall is experiencing a green day overall, with other altcoins picking up pace too. Ether is advancing even more and reaching a 5% rise, with others such as Solana, Avalanche and Cardano hitting an up of 11% today, as the market sentiment improves.
Mati Greenspan, the founder of Quantum Economics, in an interview with Bloomberg stated “Bitcoin’s fundamentals and technicals have both been improving over the last few days. Though it may still be premature, some of the more optimistic traders are already calling for a floor on this extended drawdown,”.
Investors seem like beginning to take a risk and dive deeper into Bitcoin. Indexes such as Nasdaq, S&P 500 and Dow Jones futures rallied on Monday before the markets opened. Adding on, the rise takes place days before the Consensus 2022, a cryptocurrency event going to take place from June 9th onwards.
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Is it a Bottom Signal?
Bitcoin’s current and potential investors have been closely observing the cryptocurrency for quite some days now.
However, a certain degree of volatility can still be expected from the coin. The recent recovery, allowed Bitcoin to gain market dominance by accounting for 47% of the crypto market.
Although, it is yet to be seen if Bitcoin’s price remains stable at the $31,000 territory and above.
External factors such as Fed presumably selling off its bonds, as it looks to shrink its $9 trillion balance sheet, which will affect the liquidity in the economy can create a major impact on the cryptocurrency’s value too. While the cryptocurrencies are rising and may be increasing in value, investors should embrace themselves for a certain degree of volatility.
Should You Invest in Bitcoin Now?
According to technical analysis by the experts, the next resistance for Bitcoin can be seen at the $40,000 mark. Investors should remain wary of the external factors as well.
As per Greenspan, the Fed Reserve might ease up on the market conditions, if and as the inflationary conditions start building up. Bitcoin has been trading around the $30,000 mark for quite a few weeks now. As it remains around the $30,000 mark, it certainly defies predictions of a more decline.
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However, the lack of upward momentum is making various investors sit out and observe. It seems like that Bitcoin has improved over a short-term momentum, it can’t yet be said whether it is a signal for a Bitcoin bottom to buy-in.
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