- Cryptocurrency is strongly associated with stock prices.
- The coin price would rise 6.50 percent to $32000 if there were continued demand.
Bitcoin (BTC) prices continue to rise after a bullish breakout from a symmetrical triangle formation and is trading now at $30,925.52 as per CMC. Traders looking for an entry point might take advantage of the anticipated retest, which will likely result in a move up to a 6.50 percent high at $32,000. On the other hand, the buyers are unable to overcome the 200 EMA’s potential resistance.
BTC Price Eyes $32K Psychological Level
The aggressive purchasers who joined the breakout surge after the $45000 level fell victim to the April 6th aftermath. In the wake of these purchasers’ forced liquidation, the market saw a huge fall in Bitcoin’s value.
Furthermore, last week’s heavy selling pressure accelerated the current decline and resulted in a new low for 2022 of $26350. In addition, the hourly chart’s small recovery represented the construction of a symmetrical triangular pattern. The pattern resistance trend line and the $30000 mark have been broken bullishly by the purchasers, indicating a better probability of price regaining the psychological level.
The coin price would rise 6.50 percent to $32000 if there were continued demand. This rebound rally is expected to continue until it hits the support trend line. The fallout from this dynamic trend line indicates that the current trend in BTC will continue.
As an inflation hedge or an alternative investment class, Bitcoin has often been touted as a way to broaden one’s investment portfolio. Cryptocurrency is strongly associated with stock prices, as seen by the current market slump. Since both bitcoin and stocks rose during the easy money period of 2020-2021, it’s clear that they’re linked, and when financial conditions tighten and liquidity shrinks, they both face cyclical downturns.
