Volumes for the current week show a higher probability that the positive position will continue.
As the price of Bitcoin started Tuesday with a jump above $20,000, the crypto market seems to have regained optimism and despite a small correction that took it back to around $19.8,000, the experts say we are on the verge of a major breakout in the next few days.
On the other hand, with the news of the global recession spreading, could BTC benefit from the different scenarios unfolding?
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It would be too early to make statements, but just as the recession has started to spread its wings, we are seeing short-lived buying rallies that could become a breakout trend.
Bitcoin Market Cap Remains Above $388 Billion, and the price action managed to close the 30-day momentum with a green number. In the past 24 hours alone, BTC is up over 7% and shows strong ability to continue this rally.
BTC price action indicates a new buying rally, with prices moving on an upward trajectory with increasing trading volumes.
This rally will soon face the ultimate nightmare for BTC buyers in the form of the 100-day exponential moving average. The support and resistance game has trapped prices, and everyone is waiting for a major breakout with this consolidated position.
BTC shook and quivered from its closest enemy, the 100 EMA curve.
Just as buyers take the value of BTC near 100 EMA, profit booking occurs with higher volumes. This time, the pullback took place after plunging into the $18,290 levels.
Therefore, the likelihood of buyers maintaining their position is stronger than ever.
read more: Price and regulation, the two factors that will lead the crypto market to recovery
Bitcoin Price Projections
A bitcoin price of $23,000 looks surmountable in the near term, but the long-term projection remains negative. The weekly charts show that the current week is engulfing the previous week’s bearish position, but still below the trend created in September.
Weekly gains must close above $22,000 to determine a positive return and beat the bearish momentum created by its price action over longer and shorter durations. Volumes for the current week show a higher probability that the positive position will continue.
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