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The leading cryptocurrency, Bitcoin (BTC), has shown strong upward momentum in recent days. In the last 24 hours, it has recorded a value increase of 4%, successfully surpassing the $30,000 price level. The cryptocurrency market has resumed its ascent, driven by the impact of Spot Bitcoin ETF applications from major asset management firms. According to CoinMarketCap data, the total market value of the crypto ecosystem has reached $1.17 trillion. Furthermore, market volatility has also seen a significant rise in recent days.
Cryptocurrency Market on the Rise
An analyst evaluating these recent increases in the crypto market has warned cryptocurrency investors of near-term critical price levels.
Cryptocurrency analyst Michaël van de Poppe evaluated the current situation in the crypto market in a series of posts on his Twitter account, pointing out near-term critical price levels.
The analyst suggests both the price of BTC and Bitcoin’s market dominance (BTC.D) have reached a resistance point and Bitcoin might start consolidating for a while, which could lead to some degree of recovery in altcoins.
Will Bitcoin Continue to Rise?
In addition, the analyst assessed near-term scenarios and possible critical price levels for the leading cryptocurrency, Bitcoin (BTC). Evaluating the current technical outlook for Bitcoin, the analyst suggested that BTC could continue to rise up to the $40,000 price levels, but mentioned a near-term pullback could happen, hinting BTC might decline to the $28,500 levels.
