The leading cryptocurrency Bitcoin (BTC) has recorded an increase of nearly 4% in the past week, regaining its upward momentum and surpassing the $27,300 level. An analyst evaluating the latest situation in Bitcoin stated that the $26,700 and $26,800 levels are critical in the short term and suggested that the market trend is upward.
Current State of Bitcoin
The leading cryptocurrency Bitcoin (BTC), which dropped to the $25,000 levels in previous weeks, regained its upward momentum last week. BTC showed an increase of nearly 4% in the past week, surpassing the $27,300 level on the first day of the new week.
In addition, Bitcoin’s 24-hour total trading volume also recorded an increase of over 50%. With BTC surpassing the $27,000 level, the cryptocurrency market also entered an upward trend during this period.
Despite the US consumer and producer inflation data coming in higher than expected last week, the inflation data did not cause a new drop in the cryptocurrency market. With the market starting the new week with an upward trend, BTC approached the $27,400 level on the first day of the week. Toncoin (TON), THORChain (RUNE), Aave (AAVE), and Maker (MKR) also recorded double-digit increases in the past week, influenced by this upward trend in the market.
Analyst Points to Critical Price Levels
Crypto analyst Michael Van de Poppe evaluated the current technical outlook of the leading cryptocurrency Bitcoin and pointed out possible price levels that could play a critical role in the near future in a tweet. The analyst stated that BTC is holding the $26,700 and $26,800 levels and continuing its upward movements.
The analyst, stating that Bitcoin is holding the critical levels and the market trend is upward, shared his thoughts that the upward movement in BTC can continue. The analyst also added that significant breakthroughs have occurred at resistance levels in altcoins along with the rise in BTC.
