When football goes to Bitcoin – A Bulgarian club is entering the Bitcoin era. Indeed, the Botev Plovdiv FC club has decided to accept payments in BTC for the club store. The Bulgarian first division club even wants to extend it to ticketing and the website.
For its part, the course of Bitcoin continues to stagnate around $35,000. Buyers and sellers have been neutralizing each other for about two weeks. Will BTC continue to rise? Bitcoin cycles give us information on this.
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Bitcoin price stagnates in 24 hours
For several days, the course has lower volatility. As explained in the introduction, buyers and sellers neutralize each other. Indeed, the price of Bitcoin stagnates in 24 hours :
However, BTC displays increase for six months. In one week, BTC is in increase of almost 2%. For their part, the pair BTC/ETH stagnates in 24 hoursbut she drop of 3.2% in one week. Ethereum is regaining strength against Bitcoin.
The price of Bitcoin could continue to rise…If we refer to the last cycles
THE cycles follow each other and are similar. Indeed, financial markets tend to follow the famous chart from Wall Street Cheat Sheet. Of course, Bitcoin does not reproduce movements identically each cycle, but common points seem to be emerging :
In 2022, the BTC price followed the other cycles before find a market low. Then, as in the last two cycles, the price is started to rise again until he finds a resistance at $30,000. This level has rejected several times the price, but buyers finally managed to break this resistance. If BTC continues to follow the cycles of 2013 and 2017, the buyers could keep control a few more weeks or months. However, until today, the phases of bull markets manifested themselves after the Bitcoin halving. In this case, the next bull market could start after April 2024. Still a little patience !
Bitcoin price remains stuck below $35,000
There momentum is bullish in the short term, because the price draws ascending troughs and peaks. However, at the moment, sellers are acting on the resistance at $35,000 :
A break of this resistance could bring the price back to the level of the next resistance located at $37,000. On the other hand, if the sellers win, the price could return to the level of support at $33,800. The RSI remains stuck below the bearish trendline. A break in this trendline could allow the price to break the resistance zone at $35,000.
The price of Bitcoin continues its cycle. If we refer to the last cycles, it seems that buyers have the capacity to maintain the advantage for a few more weeks or even a few months. But, the long-awaited bull run could only start in the middle of 2024. Be careful, BTC is capable of surprising us, it might not continue to follow previous cycles. The price must break the resistance at $35,000 to continue the bullish momentum. For its part, will Ethereum return to $2,000?
Closer to Bitcoin news
- The price of Bitcoin closes the week at $35,000. The trend is upward on a daily and weekly basis according to Dow’s law. However, the resistance at $35,000 holds up. Could sellers benefit from this?
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