The cryptocurrency markets experienced a calm weekend, with Bitcoin (BTC) hovering around $36,800 at the time of writing. Throughout the day, the price of Bitcoin remained around $36,500, but it started to approach $37,000 in the later hours. So, what do the current price predictions indicate? Has the LINK Coin rally come to an end?
Bulls have been unable to push the price above $38,000, and after each test, the price is approaching $35,000 due to selling pressure. This indicates a weakened demand from buyers at higher levels. Contrary to popular belief, Mike Belshe, the CEO of BitGo, stated in a recent interview that spot Bitcoin ETFs could be approved after being rejected by the SEC once again.
Philip Swift, the founder of Look Into Bitcoin, also stated that we are still in the early stages of a bull market because the FOMO phase has not yet begun in the crypto markets. With the Fed targeting rate cuts, continuing decline in inflation, and the SEC getting closer to approving ETFs, the light at the end of the tunnel looks bright, regardless of short and even medium-term performance.
The fact that the king of cryptocurrencies can hold above $35,666 is positive. If it can reclaim $37,000, a retest of $38,000 should not be surprising. After that, the price could target $40,000 and $48,000 levels.
What will excite the bears is if the price closes below $35,666. In that case, a drop to $34,800 and even $32,400 could be seen. Nevertheless, many experts argue that weekly closes above $32,000 are promising for the start of a bull market.
In the short term, the performance of BTC is as insignificant as it is for LINK Coin. LINK, the strongest player in the RWA sector, holds promise in the long term. The price took a break from the recent rally and is now finding support at the 20 EMA (13,4) level. It is positive that buyers are able to hold strong in this area. Bulls may now aim to push the price towards the local high of $16.60.
Further upward movement could test the $20 level as previously mentioned. The biggest obstacle in the rally is the $15.38 resistance, where strong selling pressure could push the price to $10.54 and below. An early bearish signal for the price, which has been trading within a decreasing channel for days, could come with close below $13.36.