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- Bitcoin price seems to show few bullish signals, which gives hopes to its investors
- The performance has made analysts keen for its next move
- Analysts claim the price of the leading crypto asset has entered the Stock-to-Flow rebound level, which last was observed while 2017’s rally
- The resilience in Bitcoin price has taken the dominance of few altcoins in the market
Bitcoin price has seen a heavy dip in its price value after a tremendous bullish rally. In mid-May, the price of the flagship crypto-asset lost more than 50% of its value. However, since then, the coin was trading in the price range of $30k to $45k. Earlier this week, again, due to Chinese regulatory concerns, the emerging asset faced a dip of more than 12%.
According to the data from CoinMarketCap, we observed that the price of BTC is gaining back its value. According to few analysts in the cryptosphere, if the asset’s sustained higher level means a pullback back to $30k gets less essential to maintain the bull market.
Analysts are eager to see subsequent Bitcoin price levels
After the plunge earlier this week, it seemed Bitcoin would stay far from $40k for a while. However, over Thursday night, we observed that the leading crypto asset retained near the support level of $35k.
After $35k, it was observed that a push took the price to $39k before the consolidation phase began. Still, the emerging asset class is yet to make a decisive move in the longer term. According to Rekt Capital, a prevalent trader, Bitcoin needs to be flipped from the $38k zone to support. Moreover, the trader noted that the area is significant to watch right now.
Bitcoin’s price has hit Stock-to-Flow rebound level
As Bitcoin began gaining back its bullish momentum, the volatility in the price-performance disappeared. Still, a sweeping call for a significant market drop might go unanswered.
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According to Crypto ED, a trader forecasted that the next move would be a push back $30k. The trader explained that after observing a few highs and lows, it seems we cannot complete that leg lower. However, as the price could break and retest the lower level, analysts considered that it seems that the price has hit stock to flow rebound levels. Notably, such levels have not been observed since the bull run of 2017.
What do they buy and sell positions explain?
Few analysts in the cryptosphere took a brief look at the buy and sell position of Bitcoin on Binance. However, following the positions on one of the leading exchanges globally, such analysts claimed that a confirmed resistance at $38,500 and $40k is observed. Moreover, little noticeable support has been observed above the price level of $30k.
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Bitcoin’s surge has taken the dominance of altcoins
Bitcoin price began to show some hope to its investors, but the scenario for altcoin became disheartening. Several crypto assets apart from BTC faced a plunge in their price levels. Traders experienced losses of about more than 4% across significant altcoins on Friday.
Except for the only AMP, which showed an excellent uptrend of 17%, all other altcoins were performing poorly.
Current performance of the flagship cryptocurrency
At press time, Bitcoin is changing hands near the price level of $37k. Over the last 24-hours, the coin is up by 0.4%. Notably, over the past seven days, digital currency is up by more than 7%. However, the 24-hour trading volume of BTC is down by more than 13%.
