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The leading cryptocurrency Bitcoin (BTC), which has gained momentum in the last week, began the day with a minor value increase and is closely approaching the price levels of $30,500. Despite this surge in BTC, the commencement of the day witnessed a drop in most altcoins. This caused the total market value of the crypto ecosystem to decline by 0.15% according to CoinMarketCap (CMC) data, slipping to $1.17 trillion.
Will Bitcoin’s Rise Continue?
Although the leading cryptocurrency Bitcoin (BTC) began the day with minor value increases and significantly approached the $30,500 price level, most cryptocurrencies on the market experienced various degrees of value loss throughout the day. As Ethereum (ETH) started trading from the price levels of $1877 following a 0.8% drop, the total market value of the crypto ecosystem retracted to $1.17 trillion according to CMC data.
The crypto market began the day with low volatility. The crypto analysis platform Santiment shared social metrics, drawing attention to investor expectations. After Bitcoin’s rises last week, Santiment pointed out that expectations for a decrease among investors increased, with an expectation forming that BTC would fall between the price levels of $27,000 and $29,000. However, according to Santiment, the expectation of a downturn among investors may be increasing the possibility of a market rise.
Critical Price Levels in Bitcoin Highlighted by Analyst
Crypto analyst Michaël van de Poppe assessed the current technical outlooks of the leading cryptocurrency Bitcoin on his Twitter account, highlighting potential price levels that could play a critical role in the near term. Earlier this week, the analyst suggested that BTC could fall to the $28,500 price level before continuing its upward trend. In his daily update, he reiterated the possibility of retractions in the near term.
While Michaël van de Poppe suggests that BTC could retract to the $28,500 price levels in the near term, he also drew attention to potential scenarios should the uptrend continue. If Bitcoin doesn’t perform a corrective move in the near term, BTC must exceed the price levels of $30,500 to potentially gain momentum in its rises.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility associated with cryptocurrencies and conduct their transactions based on their research.
