Main navigation

Bitcoin (BTC) Price Eyeing $31K After Breaking Bearish Trend

Advertisement
Mon, 2/10/2023 - 9:39
Bitcoin (BTC) Price Eyeing $31K After Breaking Bearish Trend
Cover image via www.freepik.com
Read U.TODAY on
Google News
Advertisement

After a period of bearish behavior, Bitcoin is currently on an upswing, recently reclaiming the $28,000 level and breaking the bearish trend. Some analysts now expect the flagship cryptocurrency to sustain this upsurge and cross the $31,000 mark during this historically bullish month.

https://twitter.com/ali_charts/status/1708688457340461360

Cautious optimism 

According to CoinGecko, Bitcoin’s value is up by 4.4% and is currently priced at $28,301. Bitcoin's market cap stands at $552 billion with a 24-hour trading volume of $15.3 billion. This rise in value signifies a break in the prolonged bearish trend that Bitcoin has been experiencing, reviving discussions about its potential growth.

Related

However, potential investors and enthusiasts should approach this trend with cautious optimism. According to data from 100eyes Crypto Scanner, a bearish divergence has been spotted on Bitcoin's one-hour chart.

https://twitter.com/100eyesCrypto/status/1708754095945703838

This divergence between price movement and momentum indicators is seen as a bearish signal, suggesting that despite the increasing prices, the upward movement may be losing strength and a reversal might be forthcoming.

Advertisement

Strong investment flows 

On top of Bitcoin, smaller peers like Ether, Litecoin and Solana are also experiencing gains, injecting some optimism into the battered crypto market.

This surge is in part due to increased buying flows, possibly triggered by the commencement of a new accounting quarter, and optimism is high for a continuation of this rally throughout October.

However, these investment flows are also influenced by market speculation around the anticipated approval of BlackRock's Bitcoin ETF proposals by the U.S. Securities and Exchange Commission.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD