BTC formed an ideal market pivot as the bulls are trying to take control of the price action after the asset saw some wild price action over the past few weeks as we reported in the bitcoin news previously.
The cryptocurrency is showing few signs of slowing down as the bulls took clear control of the price action. Where will it trend in the mid-term will depend on whether or not it can for a stronger base of support in the lower $30,000 region. Bulls are trying to defend a dip below this level and the short-term consolidation proves to be positive for all altcoins, especially for Ethereum. Where will the market trend next will depend on whether or not BTC can enter a consolidation phase.
BTC formed an ideal market pivot with the Bitcoin’s rally is turning parabolic and the crypto’s recent break above $30,000 sparked a massive inflow of buying pressure which allowed it to surge to $34,000. It has entered a consolidation phase as the bulls and bears fight for control over the price action. The consolidation could allow for altcoins to see continued momentum with ETH posting a huge breakout towards $1000 while the entire Defi sector starts gaining momentum.
One trader noted that BTC entered what he calls a market pivot which comes as the sellers are trapped in the $30,000 region. At the time of writing, bTC is trading up just under 2% with a current price of $32,800 which marks a strong surge from the lows of $30,000 that was set during the massive selloff event yesterday. Where will the crypto trend in the mid-term depends on whether or not the lower $30,000 region will be able to defend itself.
The recent drop to $30,000 trapped a huge number of sellers which could fuel a continued rise in the mid-term. One analyst even noted that this comes as BTC completed a “market pivot” which put it fully into the bull control:
“BTC: Market pivot it was… That historically large sum of sellers are now trapped or have either already bought back in adding fuel to the recovery rally… Looking for setups at yesterday’s high or today’s open.”
The upcoming few days should give us some more insight on the near-term outlook as well as how it could influence the rest of the market.
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