In spite of this, Bitcoin has managed to surge as much as 9% in the last 24 hours as BTC currently trades at $21,034; the flagship digital asset now has a total market worth of $402 billion, according to data retrieved by CoinMarketCap. With the U.S. Dollar Index (DXY) falling lower, BTC is showing strength, with Bitcoin gauges on TradingView pointing towards a ‘Buy’ signal on both oscillators and summary. On the back of this, it is possible Bitcoin could rise as high as $21,500, and if that level consolidates and holds, a move as high as $25,000 may be on the cards, crypto trading expert Michaël van de Poppe opines.
Bitcoin may be forming an Ascending Triangle
Elsewhere, trading analyst Rekt Capital suggested that through his technical analysis BTC is potentially forming a new Ascending Triangle: The trader also noted that if Bitcoin can successfully clear $21,000, BTC will be able to revisit the 200-week moving average. With Bitcoin’s price railing higher today, it is pulling up the rest of the crypto market. It has also seen an inflow of $70 billion in the last 24 hours, with market capitalization now back above $1 trillion, up 6% in the previous 24. As a result of the climb, the top 20 coins trading are all strongly positive at the time of publication. Despite Bitcoin showing signs of strength on the market Benjamin Cowen, the founder of the blockchain company CryptoVerse, has warned that Bitcoin is expected to face a further correction in the coming months. According to Cowen, one of the most important factors to keep an eye on is how the Federal Reserve intends to curb the growing inflation rate. He thinks that investors should exercise caution in the face of interest rate rises in an economy that is doing poorly. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
