A sigh of relief from Holders who were resilient during the months of doom as the crypto market nose-dived, creating panic among investors.
The digital currency’s decline took a halt around $30k price level and struggled for about 10 weeks before breaking above $40 which proved to be the resistance holding down bullish advancement. The recovery period witnessed a clamp down on cryptocurrency activities from the Chinese government which has seen lots of bitcoin mining projects close up. Also, China’s central bank put the heat on financial institutions to restrain from cryptocurrency trading.
However, this didn’t stop the adoption of cryptocurrency as more investors are acquiring digital assets with some institutions willing to accept cryptocurrency as a form of payment.
As of writing, Bitcoin took a pop at $50k price level and this made investors ecstatic as the hope price getting to $100k this year has been resuscitated
Other altcoins have also recovered from their recent dip. Ethereum and it’s assigned killer (Cardano) are currently priced at $3,123 and $2.62 respectively.
Technical Outlook of Bitcoin
Bitcoin chart 4hour time frame
If you have not glanced at the chart because of the dip then you need to take a look at it now. There is nothing as hot as seeing chart art on display. Price is currently maintaining an upward momentum within an ascending channel and is currently lodged at the support level of this channel. While this area is likely to attract buying interest, a break below could see price visit $44k.
Adegbotolu Kehinde Erastus – Market and Research Analyst