Bitcoin has been consolidating in the $41.5k to $42.5k range for quite a while now. It’s been some time since the price has managed to stay above $40k for this long. And now the charts and the market sentiment suggest that Bitcoin’s price seems to be ready for a breakout. We could soon move to higher levels, and altcoins will also seem a jump.
Bitcoin’s price ready for a jump
The $40k support has held well, and we are bullish as long as Bitcoin stays above this level. It is important to note that the price hasn’t moved in the last 24 hours. So, we could soon see an upward or downward move. But because of the patterns that are being formed on the 1-day chart, we can be a little bullish. Another important consideration is the $45k level, which could result in another change in trend like before.
Analyst Allen Au shared on Twitter that technical indicators suggest that it will be breaking up. The next resistance is the $45k-$46k range, and support is around $35-$36k. At the same time, the on-balance volume also suggests that thw price of Bitcoin could be ready for a breakout. The demand is on the rise, and so is the price of BTC.
Another critical development in Bitcoin has also impacted the current market sentiment. Recently, the lightning network has surpassed the 3,500 Bitcoin capacity, which makes it even more suitable for day-to-day transactions.
About Bitcoin
Bitcoin is a decentralized digital currency that was first introduced in January of 2009. It is based on concepts presented in a white paper by Satoshi Nakamoto, a mysterious and pseudonymous figure. The identity of the individual or people behind the technology is still unknown, which is seen as a merit. Bitcoin promises reduced transaction costs than existing online payment methods, and it is run by a decentralized authority, unlike government-issued currencies. The sole value of Bitcoin lies in its utility and adoption, both of which are on the rise. So, an increase in price is bound to follow.
What are your thoughts as Bitcoin’s price seems to be ready for a breakout? And do you think we will soon reach a new all-time high? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Cardano pumps 13% on burn mechanism rollout rumors.
