The crypto market has stepped into a bullish trend after being controlled by the bears for more than a month. Even the global crypto market cap has regained the $1 trillion mark.
Bitcoin has gained 3.60% over the last 24hrs and is trading at $20,921. Even though the King currency is recovering, it’s important to remember that the currency is still down by almost 70% from its all-time high of $69,000 that it rose to in November 2021.
Bitcoin Price To Maintain Above $20,500 Area
Well-known crypto analyst Jim Wyckoff is of the opinion that the Bitcoin bulls are now the ones in control after they gained an impressive victory against the bears.
This claim by Wyckoff coincides with that of Michael van de Poppe who also predicted that Bitcoin is likely to continue its bullish trend, for which it must continue to trade above $20,500.
On the other hand, when the flagship currency’s technical analysis is observed, it is seen that the technicals are indicating a buy signal around 11, neutral around 9 and the sell is pointing towards 6. Furthermore, the moving averages are flashing ‘buy’ and the oscillators are indicating neutral.
Meanwhile, as the newly appointed youngest UK Prime Minister, Rishi Sunak takes oath as the PM of the country, many are hopeful that he will bring out new moves favoring crypto assets like Bitcoin. This is because the UK PM had earlier claimed that he aims to make the UK a global hub for crypto asset technology.
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