Bitcoin Bulls Take Charge: Will BTC Price Hit $30,000 Before $25,000?
• Bitcoin (BTC) is currently trading at a price of $26,813.03 and is up 1.66% over the past 24 hours.
• The digital currency ecosystem has been showing intense volatility all week long due to conflicting fundamentals weighing on investor sentiment.
• Investors are speculating whether BTC will breach the $25,000 support level or the resistance level at $30,000.
Bitcoin Price on Bullish Run
The digital currency ecosystem has been showing intense volatility all week long as a series of conflicting fundamentals are weighing on investor sentiment. With the combined crypto market capitalization dropping significant values for the better part of the past week, the current gains are a step up that shows the bulls are still in charge. At the time of writing, the combined crypto market cap is up 1.92 percent and is pegged at $1.12 trillion while Bitcoin (BTC) is currently changing hands at a price of $26,813.03, up by 1.66 percent over the past 24 hours.
Interest Rate Hikes Affecting Bitcoin Price
The year opened up for Bitcoin with such a bullish momentum but interest rate hikes based on Central Bank responses to inflationary growth have caused investors to be averse to risk assets like Bitcoin resulting in many uncertainties surrounding its future performance and prices plummeting significantly over recent weeks from lack of support from major whales and retail investors alike..
Speculation Around Support & Resistance Levels
At present, investors are speculating whether BTC will breach its 200-day Weekly Moving Average (WMA) low at $26,100 or if it will reach its resistance level at $30,000 first before hitting its support level of $25,000. If major whale accumulation along with buying action from retail investors can be seen then BTC may touch this higher resistance level quicker than expected; however if these actions don’t occur then it could remain stagnant or even fall further below its 200-day WMA low price point before any increase in value is seen again..
Impact of Whale Accumulation & Buying Action
Whale accumulation and buying action from retail investors can have both positive and negative effects on Bitcoin’s price depending upon which direction it takes when being bought or sold off; either way though this kind of activity can determine whether or not BTC reaches near-term targets such as breaching either support/resistance levels faster than expected or remains stagnant due to lack thereof..
Overall, while we cannot say definitively which direction Bitcoin will take next in terms of its value as there are many factors that contribute to this decision making process; what we do know however is that whatever happens – whale accumulation along with buying action from retail investors should both be monitored closely as these can have huge impacts upon whether or not BTC reaches near-term targets sooner rather than later!