Bitcoin price witnessed a massive rally this past week, pushing the crypto market into the full-greed mode. The price of Bitcoin is $43,232 at the time of writing, which signifies a -0.72% drop in the past 24 hours and a 12.78% increase in the past 7 days.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 50.3%
- Bitcoin Market Cap: $845.564 billion
- Total Supply: 21 million
- Circulating supply: 19.563 million
Bitcoin dominance is up from last week’s 49.6%, showing the asset has gained more influence over the entire market. The total market cap of BTC increased by nearly $100 billion in just a week, hinting at the state of things when the bull market sets in well.
Previous Bitcoin Price Analysis
Last week, Bitcoin price was at $38,000, trying to break above the local barrier that had formed there. The market sentiment for Bitcoin was extremely bullish but some form of market manipulation kept the price below $39,000.
Despite the price suppression, Bitcoin price could be seen creeping up, forming higher lows and higher highs.
Finally, Bitcoin broke past the earlier established resistance levels of $38,900, $39,974 and $41,000.
Bitcoin did better than expected and completely cleared the Supply zone, triggering the horde of Take Profits set there. BTC broke above the supply zone ($43,155) and formed a local high of $44,490, starting to retrace.
Bitcoin May Retest $41,000 Before Making a Move for $50,000
There are now two scenarios that can play out for Bitcoin, and both involve a retracement back into the Supply Zone. There is probably liquidity sitting around this area. The retracements could drop to 41,100 and 37,900. A break of these two supports could see BTC fall into a consolidation pattern and move sideways between $32,000 and $40,000 before breaking higher.
The 50-day and 200-day moving averages provide strong support at $36,700 and $30,000, respectively, giving us a clear picture of the boundaries within which Bitcoin can move.
The bearish analysis may be rendered moot if good news breaks into the crypto market and Bitcoin pushes higher. Overhead resistances lie at $48,258, $52,856, and $58,958.
Fun Fact: BTC only needs a 60% pump to break its all-time high price.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make investment decisions based solely on what you read here.