A special day for Bitcoin – Today, the white paper of Bitcoin published by the famous Satoshi Nakamoto celebrates its 15th anniversary. Since October 31, 2008, the king of cryptocurrencies has evolved significantly, and has made a place for itself in the financial landscape. To celebrate this anniversary, the price of Bitcoin has decided to move above $30,000. If BTC struggles to cross the $35,000 mark, capital continues to flow towards it. In these conditions, can buyers restart the rise?
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Bitcoin price stagnates in a week
As explained in yesterday’s edition, BTC displays a bullish momentum weekly. However, the price of Bitcoin stuck below $35,000 for a week :
In one month, the king of cryptocurrencies is in increase of almost 30%. Also, in three months, the course displays a 15% increase. For their part, the pair BTC/ETH stagnates in 24 hoursbut she climbs by more than 15% in a month.
Capital continues to flow into Bitcoin
There trend is clear for about a year. In fact, the course of Bitcoin dominance shows bullish momentum since the end of 2022. Recently, the course of dominance had experienced a slight correction. However, with the close above the last high (at 52% dominance), the bullish trend continues :
The course took advantage of this to break the resistance level at 53%. This level could become a support in the coming days or weeks. If this is the case, the price could return to the level of resistance to 58% dominance. As long as the price moves upward, the capital heads towards the king of cryptocurrencies, and altcoins are underperforming. On the other hand, in the event of break of the level at 53%and of change of dynamicTHE altcoins could benefit to finally express themselves.
The RSI displays momentum with ascending lows and highs, and as long as this is the case, the buyers have their hands on momentum.
Buyers and sellers neutralize each other below $35,000
After experiencing a meteoric risethe course of BTC stabilizes below $35,000 and at the level of institutional bias (EMA 9/EMA 18) bullish :
Buyers have the opportunity to show up for break resistance at $35,000. If this were the case, the price would continue to show momentum with rising lows and highs. The price could then head towards the resistance at $37,000. If the sellers wake up, the price could experience a correction that could bring the price back to $31,500. The RSI once again shows a bearish dynamicsTHE sellers have their hands on momentum in the very short term.
Bitcoin price stabilizes just below resistance at $35,000, but capital continues to flow into the king of cryptocurrencies. Indeed, if the support at 53% dominance takes effect, the price could head towards the next resistance located at 58%. The price of Bitcoin must break $35,000 to continue to show bullish momentum in the short and medium term. On the other hand, a rejection could bring the price back to the support level at $31,500. For its part, Ethereum is stuck below $1,800.
Closer to Bitcoin news
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