The cryptocurrency space persistsย to remain stuck within the minor region as the star cryptocurrency, Bitcoin, maintains a consolidated tendency. Despiteย theย factย that the volumeย ofย trading recorded a 32 percent jump, the worldwide marketย cap slightly dropped by just 0.21%. Nonetheless, Ethereumย (ETH) has been displaying some strength as the price levels remain over $1800.
The wider market received a notable boost during the Asian trade, as the bulkย of the cryptoย altcoins were trading under a positiveย tendency influence. The cryptoย tokens, like XRPย Rippleย (XRP), ADA, TRX, etc, continued toย sustain a notable upswing. Interestingly, the Bitcoin price persistsย to flash some positiveย tendency indicates, remaining under a notable bearish influence.ย
Thisย isย why, the star cryptocurrency is required to break over the consolidation, then it is required to clear $27,200. In such a case, the Bitcoin price may reach levels over $29,000, as per a trending analyst, Michael van de Poppe.ย
It is now very important for the Bitcoinย (BTC) price to slice over $27,200 and sustain firmly over these levels. Until then, the cryptoย token could maintain a sideways tendency and remain flat. Nonetheless, the price is asย ofย now sitting at the 200-weekly MA levels, which are acting as a strong base and may trigger a fine rebound soon.ย
Inย general, the Bitcoinย (BTC) price is required to hold over $27,000 toย sustain a healthy upswing. Nonetheless, the dropped volume mayย be a huge matter of concern asย ofย now. Asย ofย now, the volume hasย decreased below $10 billion, and the average transaction fee is likewise getting back to normal levels. Hence, theย present weekly trade mayย be incredibly important, whichย canย potentially decide theย following course of action.ย
If the weekly close fails to hold the 200-week MA levels, then a wholeย lotย of deciding tendency may begin, dragging the price lower to $25,000.ย
