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Thursday, September 23, 2021

Bitcoin Bottoming At $29,500- 3 Reasons Why

Quite a few traders have been showing quite a sense of hope after the price of Bitcoin held on to the resistance level for the second day. According to data from TradingView and Cointelegraph Markets Pro, there are bulls that have managed to rendezvous at the level of $32,000.

This is precisely where BTC kept hovering throughout the day- although traders have been waiting patiently for further confirmation if the cryptocurrency would find itself in the middle of a trend reversal before they can fully enshrine themselves in the market. 

CME Futures See A Bullish Surge For Bitcoin

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According to a report published by Delphi Digital, there has been quite an aggressive reversal which was observed by the CME futures on Wednesday. This has been implied as a bullish sign for most of the traders of Bitcoin who have readily scooped up futures contracts that are considerably cheaper. The resulting kerfuffle has been interpreted as quite bullish due to the price of futures going above the spot price of the asset. 

Multiple Zones Of Resistance Remain In Bitcoin’s Path

The recovery of Bitcoin at a price above $32,000 has definitely brought out a bullish optimism for quite a few traders- but due to the road being difficult there have been multiple zones of resistance put up overhead. According to Rekt Capital, a pseudonymous analyst on Twitter, quite a few of the support levels for BTC previously would now be working as major areas of resistance- think of prices like $35,000 and $37,000. 

Exchange Inflows Historically Spike Near Market Bottoms

IzzyEibani, another pseudonymous Twitter user, has stated that the recent spike in the inflows of token exchange can definitely be seen as the bottom coming up. Every single instance with Bitcoin has seen the cryptocurrency bottoming spectacularly. 

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It is being assumed that if the market does unfold in a similar fashion, there is a major possibility that the recent drop could very well spell the bottom for Bitcoin.

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