Last week, the trading value of Bitcoin (BTC) started moving in a downward direction. According to the analysts, it was a retracement that Bitcoin had witnessed after a bullish run it witnessed in the month of July.
Bitcoin is Moving Upward
However, it becomes clear that the retracement recorded in the past week was a temporary setback for Bitcoin. The largest cryptocurrency is now up for an upside move.
Its affinity has turned bullish, which means its value may continue moving upward in the upcoming days.
The upward move can only be achieved if the bulls keep adding more buying power to the cause. This would result in pushing the trading price of Bitcoin further.
The reason behind the strong movement of Bitcoin in the upward direction is because of the stronger data shared by the Feds for NFP and CPI.
Lower Inflation Data
The trading price of Bitcoin experienced a boost as the investors’ sentiments became mainly positive. It happened because the Feds shared promising data for the CPI.
As the confidence of the investors was rejuvenated, they made huge investments and have kept the trading price of Bitcoin moving higher.
In the past couple of days, the trading price of Bitcoin has continued moving upward. The graph shows that the trading price of Bitcoin has experienced a 6.9% rally in the past couple of days.
At the time of writing, the trading price of Bitcoin is worth $24,433. The recent price movement of Bitcoin gives an idea of how Bitcoin would perform in the upcoming days.
The data makes it easier to understand exactly where the trading price of Bitcoin would be if the trend continues.
For the time being, the price movement of Bitcoin is witnessed moving within the ascending channel. Because of the movement of Bitcoin, it has started moving within the resistance and support territory.
If Bitcoin is able to maintain such a trend and it keeps sustaining the bears’ selling pressure, then its price may rise higher.
If the rally keeps forming in favor of Bitcoin and more investors keep adding more buying power, then its price may surge to $25,500.
Is Bitcoin Ready for a Breakout?
As the overall trend for Bitcoin in the month of August has remained bullish, therefore, it seems that the bulls are close to exhaustion. This is because a bullish reduction has been recorded for Bitcoin.
Despite the bulls losing their buying power, there is still hope that the price of Bitcoin may be able to break out. This is because the number of addresses holding Bitcoin has increased significantly in the running month.
This is a positive indication that the price of Bitcoin may actually be able to hit and cross the $25k benchmark.