Bitcoin Technical Analysis: Potential for Significant Upward Movement
Bitcoin (BTC) has shown signs of slowing down after its recent surge past the $35,000 mark, almost reaching $38,000. However, technical indicators suggest that it could be gearing up for a more significant upward move in the near future.
According to cryptocurrency trading expert Michaël van de Poppe, the higher timeframe picture on Bitcoin indicates that it has reached a crucial resistance zone. The cryptocurrency briefly touched the pivotal resistance area around $38,000, while moving away from the pivotal support between $31,114 and $31,790.
Potential for Further Price Increase
Despite the temporary slowdown, Bitcoin has the potential to push its price further. This is supported by the influx of new smaller wallets with less than one BTC flooding the network. This has led to a yearly high of 67.62% in newly created active addresses this week.
Hot Take: Bitcoin’s Future Movement
While Bitcoin’s gains have slowed down recently, technical indicators and network activity suggest that it could be poised for a significant upward movement in the near future. Keep an eye on critical resistance and support levels to gauge the potential for further price increases.
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