The green wave that caused the relatively better inflation figures for bitcoin (BTC) and most other prices seems to be meeting resistance this afternoon. Still, there was remarkably good news to report today, which could give the price an extra push in breaking the current resistance zone.
Bitcoin price rises 2% to $24,500
But first the current state of affairs. Looking at the charts, we see the price of bitcoin in an uptrend since last night. This afternoon the bulls however, just below $25,000 on resistance. That is also the zone where the trading volume starts to pick up again.
Bitcoin is trading at around $24,500 on Coinbase at the time of writing, about 2% higher than 24 hours ago. On the Dutch exchange Bitvavo, the BTC euro price is €23,736. So the resistance zone has not yet given up. BTC has experienced major difficulties here three times before in recent weeks.
Bitcoin to $28,000?
Analyst TechDev compares the current situation with that in 2014. That was of course several years ago. However, he notices several similarities. Based on these similarities, he made the following statements on Twitter today:
Bitcoin is pushing through the 10W exponential moving average (EMA) at 24.2K.
A close above and the 20W [EMA] is the next long-term resistance at 28K.
Expect a first rejection there.
Whether the 10W counts as support will determine how quickly the next macro impulse will start imo.”
#BTC pushing past the 10W EMA at 24.2K.
Close above and 20W is next HTF resistance at 28K.
Expecting initial rejection there.
Whether the 10W holds as support will determine how quickly the next macro impulse takes off imo. https://t.co/QcbcZZnEmj pic.twitter.com/zDoJDDh3Et
— TechDev (@TechDev_52) August 11, 2022
In May, the bitcoin price traded above $28,000 for another month before a further crash. This could indicate that there could be significant resistance in this zone should we move up there in the coming week.
Today’s most important bitcoin news
In the bitcoin news today there were two striking pieces of news. First, the big news was that BlackRock, the world’s largest asset manager, has launched a bitcoin fund. This is of course big news. However, a direct reaction from the BTC rate has not yet been forthcoming.
It also said that Mike McGlone, an analyst at Bloomberg, expects bitcoin to rise to $100,000. According to him, it is only a matter of time before gold rises to $2,000 per ounce, oil to $50 per barrel and bitcoin to $100,000. In his tweet, he explains how he arrives at his statements.
