Bitcoin signals an uptrend, hitting a new 11-week high of $ 42.9k

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On August 6, for the first time, Bitcoin hit the $ 42.9k mark after pulling back with a super price surge from just $ 39k. It is the first time that bitcoin has hit the mark in more than two and a half months and as seen, this uptrend could continue for a while. This uptrend could have a positive impact on the entire crypto space if it continues.

Bitcoin on the rise

For the first time in over 80 days, the bitcoin coin has hit the $ 43,000 mark and is consistently bullish. In the last 24 hours alone, the coin has risen in price by around 5.44%.

last time Bitcoin traded around the 42.9k mark was on May 18, 2021, when prices were plummeting. Subsequently, currency prices fell below $ 30,000; therefore, bitcoin has lost more than half of its value. However, bitcoin has reversed its course and recently bitcoin has risen by more than 10%, from $ 39k on August 3. As a result, it passed the initial fundamental resistance level of $ 42.3 thousand. next resistance level the coin is currently facing is $ 43.05k.

If current bitcoin buying pressure continues, Bitcoin could hit higher peaks, breaking past the $ 43.05 mark and facing new resistance and $ 43.8. An uptrend is more likely to continue than a downtrend for now, but a downtrend is still possible.

A downward trend is possible

Knowing the support level is essential to understand whether a downtrend is possible. Most of the charts show that bitcoin’s closest support level is somewhere at $ 39k. Could it be that the currency is sinking so far?

Currently, bitcoin trading volumes are very high, which means that supply and demand pressure is forcing the currency to rise. According to CMC, in fact, trading volumes have increased by more than 20.4% in the last 24 hours. As a result, it is safe to say that investors currently have a very high level of confidence in the currency.

As the currency continues to gain quotes, it may reach a point where investors lose confidence or demand due to high prices. If so, a slight downtrend could occur, which could push the coin to around $ 40k, still slightly above the $ 38k support level. However, the most likely way forward for bitcoin is an uptrend.

effect on the cryptocurrency markets.

Bitcoin is currently on a similar caral to Ethereum; only Bitcoin is making bigger pullbacks. refore, it is possible to conclude that the rise of Ethereum may have caused the rise of bitcoin. Even though Ethereum Updates can be credited to recent price changes, it is good to remember that Ethereum prices often depend on Bitcoin spikes.

Also, the cryptocurrency market is always highly influenced by any price change in the BTC currency. refore, enthusiasts can wait for the peaks of cryptocurrencies to arrive, especially in major currencies such as Ethereum, Cardano, etc. Hence, cryptocurrency enthusiasts hope that these pullbacks in Bitcoin will start a new chapter in the cryptocurrency markets.

Wayne is a Blockchain enthusiast and cryptocurrency trading expert. Currently, he deals with trending topics in digital currencies.

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