In early U.S. trading on Tuesday, Bitcoin (BTC) is trading a little higher, but the prominent cryptocurrency’s choppy, sideways pattern remains.
Meanwhile, the bulls and bears continue their quest for control, with neither side clearly in the lead. This would imply that we should anticipate a continuation of the current trend in the near future, but some have stated that a breakthrough to the upside is possible.
Currently, Bitcoin is trading at $19,620, an increase of 0.73% over the last 24 hours and 1.92% for the past seven days, according to data gathered by Finbold from CoinMarketCap.
Bitcoin has a total market capitalization of $375 billion as it seeks to recapture the important psychological level of $20,000 as support. Bitcoin’s daily technical analysis (TA) indications indicate that the price is modestly above the falling trend line, which may be significant if bulls can maintain support above $19,600 and continue a push to $20,000.
While the digital currency consolidates, crypto trading expert Michal van de Poppe said that Bitcoin was “still waiting for this breakthrough” and that he was considering longs at $19,300 or a flip around $19,600. Additionally, Van de Poppe forecasts a “rise to $22,000 in the future years.” The expert also stated that the pullback creates an opportunity to “buy the dip.”
Ali Martinez, a famous crypto specialist, found elsewhere “a lack of institutional BTC players and BTC whales.” He cited the fact that “the daily number of Bitcoin transactions with a value higher than $100,000 continues to decline” as proof of this lack of interest.
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