The king of cryptocurrencies, Bitcoin, reached $35,000 a few minutes ago but quickly retreated to $34,900. Although the selling pressure in the resistance area prevents the region from being surpassed, it is significant that the critical zone is being tested for the second time in two days. So, what comes next?
Bitcoin and Crypto Predictions
If the market value is in a downtrend, support tests are likely to be broken. However, if the market turns bullish, the same can be said for resistances. The resilience of support and resistance levels is an unchanging rule in cryptocurrencies according to the trend. Just a few minutes ago, the BTC price retested $35,000.
After the recent test, although the price has pulled back slightly, it has not yet moved away from the critical zone. It would not be surprising for investors to see the $35,000 resistance area being broken in the coming hours.
As of June, the BTC price was already preparing for a bull market, as stated by Hayes and other experts. The king of cryptocurrencies is targeting the $36,343 and $42,500 regions. The resistance area is expected to be broken as long as the price remains above $34,000.
The cumulative value of cryptocurrencies is targeting $1.5 trillion again. In an environment where the BTC price continues to rise, we may see abnormal increases similar to what Mina Coin and others have experienced. For now, the only problem is that the cumulative trading volume has fallen below $80 billion.
