Bitcoin Faces Resistance at $35,000 Mark
Bitcoin is currently facing resistance at its yearly high of $35,000. This comes after a period of eventful price action, which typically leads to a retracement. Some crypto analysts believe that Bitcoin is trading at a high premium due to euphoria among investors. This euphoria has historically been followed by a decline in the price of BTC. MN Trading analyst Daan Foppen advises waiting for a discount price before buying.
Analyst Recommend Waiting For The Next Dip To Buy
The recent surge in Bitcoin’s price can be attributed to FOMO from investors anticipating the approval of spot Bitcoin ETFs. However, the emergence and subsequent removal of BlackRock’s iShares Bitcoin Trust on the DTCC website caused a pause in the price surge. Analyst Daan Foppen sees this as a good sign for bulls but warns that Bitcoin is currently trading in a bearish monthly fair value gap (FVG). He suggests keeping an eye on the monthly close for a potential change in direction.
What’s Next For Bitcoin?
Bitcoin is currently trading at a premium and its past performance may not accurately predict future outcomes due to the volatility of the crypto industry. While it has seen a significant increase in price over the past week, the 24-hour trading volume has dropped, indicating a potential leveling off. However, Adam Back, CEO of Blockstream, believes that Bitcoin has sufficient fundamentals to surpass $100,000.
Hot Take: Bitcoin Faces Resistance at $35,000 Mark Amidst Euphoria
Bitcoin is currently experiencing resistance at its yearly high of $35,000. There is euphoria among investors regarding Bitcoin, which has historically been followed by a decline in its price. Analysts recommend waiting for a discount price before buying, as Bitcoin is currently trading at a high premium. The recent surge in Bitcoin’s price can be attributed to FOMO from investors anticipating the approval of spot Bitcoin ETFs. However, the emergence and subsequent removal of BlackRock’s iShares Bitcoin Trust caused a pause in the price surge. Bitcoin’s future performance is uncertain, but some believe it has the potential to surpass $100,000.
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