• Bitcoin and other crypto assets were mostly unchanged on Monday after a weekend of little activity.
• Trader and analyst, Michaël van de Poppe said that a big event this week will have an effect on the market, potentially breaking out higher.
• Bitcoin has crossed the $30k threshold, with many expecting it to continue rising in the coming days.
Bitcoin Price Gearing Up for Big Event
The Bitcoin market leader barely moved over the weekend, trading in a relatively narrow range. However, trader and analyst Michaël van de Poppe believes that a big week is looming for Bitcoin which may act as a ‚market mover‘. He said that if another test of $28,600 takes place then we’ll likely break out upwards.
Testing Resistance Levels
The resistance level of $28000 has been overcome and Bitcoin’s price is now rising again. To move higher BTC needs to pass through $28500 and $28800 resistance levels before it can hit its next target of $29k. Van de Poppe believes that confidence will return to the markets when altcoins start to break out too.
Crossing The Threshold
Bitcoin recently crossed an important threshold of $30k; however this has turned out to be quite a difficult obstacle for it to move beyond. Despite some pressure from other markets such as increased interest rates due to inflation and bank failures, BTC remains steady around $28000 this month having risen by 70% so far this year alone.
Predictions For The Future
Many are expecting Bitcoin’s price to keep increasing in the coming days; however there are no guarantees at this stage as anything could happen on the market any day or night. It is clear though that if BTC can pass through its current resistance points then it could make great progress towards achieving its new target of $29k in no time at all!
It appears that Bitcoin has been facing some tough challenges lately but it looks like these could be overcome soon if traders have faith in it once more. With various events taking place this week which may act as a ‚market mover‘, only time will tell what happens next with bitcoin prices!