It was on August 17 the trading price of Bitcoin (BTC) managed to make it into the resistance zone. The trading price of Bitcoin has come close to hitting $25k when the buyers lost their confidence, pulling its value downwards.
Investors’ Fear at $24.5k
The price graph suggests that as the value of Bitcoin came close to $24.5k the investors tried hard to protect the particular mark.
As the investors kept losing their confidence, the trading price of Bitcoin tried finding support at the $24.5k mark.
As the price of Bitcoin came to the $24.5k level, the investors feared that it would witness a retracement. Because the investors feared the trading value of Bitcoin would fail to hold the $24.5k level, they ended up retreating from their position.
Trading Price Witnessed by Bitcoin
The report from TradingView shows that a day earlier, the trading price of Bitcoin had pulled to around $23,714. After hitting that mark, the trading price of Bitcoin rose by 3.25% before its price was cut by $600.
It was within an hour that the price of Bitcoin experienced a rise and then fell below $24k. The trading price range that Bitcoin reportedly hovered within was the one it had hit in the month of June.
In the past week, the trading price of Bitcoin fluctuated between the $25k and $24.5k range. Although the bulls were trying to keep the rally running, the trading price of Bitcoin kept getting pulled lower by the investors’ selling pressure.
Hitting the $25k mark was the two-month ceiling Bitcoin had managed to hit in the past week. Unfortunately, the bulls were not able to keep up with the trend and Bitcoin’s price suffered a dip.
Predictions by Veteran Traders/Analysts
Peter Brandt, known as a veteran trader/analyst has made shared his thoughts about the upcoming rally. Brandt stated that he is currently witnessing a wedge setup in progress, which seems to be rising.
He stated that the particular wedge setup’s starting point is marked at $20,700 for Bitcoin.
The Material Indicators that are the on-chain monitoring resource, show that the power of the rally may not last for long.
Stock Markets and Economy to Boost Bitcoin’s Price
The cryptocurrency investors are hoping that the economy as well as the stock trading market show strong signs of recovery.
With positive data coming, it is expected that the investors may gain the strength and confidence of investing money into Bitcoin.
As the NFP and the CPI data came in positive, the trading price of Bitcoin gained some strength. If more support keeps coming in favor of Bitcoin from the economy and stock markets, Bitcoin may be able to hit the $30k mark.
