Analysis Platform Reveals The BTC Price Could Rise Again Soon

Bitcoin (BTC) has been in a prolonged bearish trend since its all-time high in December 2017. The crypto market has been waiting for a potential reversal in the market leader’s price for a while now. However, with the recent tweets by IncomeSharks, there could be some positive changes on the horizon.

IncomesSharks is a crypto market education and analysis platform that recently tweeted that the move up for BTC has begun. According to the tweet, there is currently non-stop “fear and doom and gloom” in the market. The platform posted another tweet in the last 24 hours stating that there is volume coming in for BTC, adding that the volume could have an effect on the price by the end of March or even sooner.

BTC’s Price Analysis

At press time, BTC’s price is up 1.36% according to CoinMarketCap. This 24-hour price increase has not been able to flip BTC’s weekly performance into the green, however. Currently, BTC’s price is down 9.48% over the last 7 days. As a result, BTC’s price stands at $10,260.34 at press time.

The daily trading volume for BTC has also increased over the last 24 hours. At press time, BTC’s daily trading volume is up 5.12%. This takes the total volume to $39,426,198,695.

Daily chart for BTC/USDT (Source: TradingView)

BTC’s price is currently being forced below the key support level at around $19,900 as can be seen by the wick above today’s daily candle. This level has been a significant resistance for BTC in the past, and a break above it could signal a shift in the market sentiment.

Bullish Thesis for BTC

Should BTC’s price close today’s trading session above the $19,900 level, then its price may begin to climb in the next 24-48 hours. This bullish thesis is supported by the increase in daily trading volume, which could be a sign of buying pressure building up.

Should this bullish thesis play out, then BTC’s price will have to overcome the resistance level at around $20,600 before traders and investors can consider entering into a long position for BTC. This resistance level has also been a significant level for BTC in the past and could be challenging to break.

Investors’ and Traders’ Considerations

The crypto market is known for its volatility, and traders and investors must be cautious when making trading decisions. While IncomeSharks’ tweets suggest a potential upward movement for BTC’s price, readers must do their own research and due diligence.

Traders and investors must be aware of the risks involved when trading cryptocurrencies. They should only invest what they can afford to lose and must have a sound risk management strategy in place.

Conclusion

The recent tweets by IncomeSharks have provided some positive news for the crypto market leader, BTC. The increase in daily trading volume and the potential break above the key support level at around $19,900 could signal a shift in the market sentiment.

Traders and investors must remain cautious and do their own research before making any trading decisions. BTC’s price is still down over the last 7 days, and it may take some time before a potential reversal occurs.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk.

For more articles visit: Cryptotechnews24

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