The rate of the first cryptocurrency has grown by 11% over the past day and now BTC is trading at $ 39,100. At the same time, analysts note a positive mood in the market and expect the rate to continue to rise.
Delphi Digital specialists announced the formation of an inverted head and shoulders technical analysis pattern. They stressed that if the rate of the first cryptocurrency fell to $ 30,000, it would signal the prevalence of “bears” in the market. However, the return of BTC to $ 39,000 speaks of more positive sentiment in the market.
Over the past two months, the bitcoin rate has dropped by 50%, and this may seem like a very large indicator. However, in the history of the first cryptocurrency, there were cases when the rate fell by 70% or even 80%. But then bitcoin again entered the growth phase and reached new record values.
Bitcoin’s continued growth is also hinted at by the Crypto Fear & Greed Index, which is at its lowest since March 2020. Decentrader analysts also report that the first cryptocurrency is “oversold”, which is also a positive signal for BTC.
Earlier, the CEO of the eToro trading platform, Yoni Assia, said that he sees the “king of cryptocurrency” in bitcoin and expressed confidence in the future growth of the BTC rate.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
