Bitcoin Takes Cryptocurrency to Bullish Territory

Bitcoin Cryptocurrency

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Categories: Cryptocurrency

Bitcoin Takes Cryptocurrency to Bullish Territory

After a major break above the 1D 50 EMA, bitcoin is eyeing the$28,000 level. The market remains bullish in the near term as major altcoins and cryptocurrencies bounce back from recent losses. Bitcoin is currently trading at$23,680.30, up 3% from yesterday. The total market cap is $1.09T, up 2.66% over the previous day. The focus of the market has been on the monetary policy meeting of the Federal Reserve, which has led to the fall in the prices of various cryptocurrencies.

Both Bitcoin and Ethereum have fallen from their key resistance and support levels. Ahead of the meeting, the market expected an increase in the rate, causing bitcoin to rise to around $22,000. However, on Wednesday, the Fed raised its interest rate to 0.75%, the highest increase since 1980. According to Federal Reserve Chairman Jerome Powell, a large increase in the monetary policy rate in the future could be ideal. However, periods of economic downturn may help stabilize the market.

Bitcoin is trading higher today, with decent volume and 10%gains. If the bulls can break above $24,300, we could see a rally towards last month's highs near $28,000. The area is having difficulty breaking out as it has been trading in a range for over a month. If the bulls fail to break the$21,000 resistance, they could target the next key resistance at $20,700 to build momentum for a potential upside move.

Failure to reach this level would invalidate the case of the bulls, as the bears would have more power. After hitting a low of around $6.2, DOT experienced strong buying pressure. It has since bounced back and is now trading near the $6.50 support line.

The price of the coin has risen sharply from its lows in the past few sessions. It has also generated a lot of interest from investors. A break above the $8.00 level will lead to further gains. The daily chart shows that petrol price is in a tight range between the rising trend line and the support level at $9.5. However, a move above the resistance at $8.05 would trigger strong buying pressure.

Bitcoin Takes Cryptocurrency to Bullish Territory. bitcoin price has risen sharply from its lows in the past few sessions and generated a lot of interest from investors. 

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