Where to Buy Bitcoin ?
The global stock markets rose on Monday even as it was a quiet day in the US markets due to Memorial Day holiday. The pan European Stoxx 600 climbed 0.8 percent and Tokyo’s Nikkei 225 rose by 2.2 percent. In India, the Sensex climbed over 1000 points while Nifty rose by more than 300 points following positive cues from the global markets.
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Interestingly, the rally in the stock markets also reflected in cryptos with Bitcoin (BTC) breaking its 9-week negative returns record. At the time of writing, Bitcoin price was $31,660, up 4.31 percent in the last 24 hours. In the last seven days, BTC has recovered 7.85 percent.
However, Bitcoin investors and traders are still worried whether this positive trend will sustain or not as “extreme fear” sentiment persists in the crypto market.
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“Extreme fear” sentiment in crypto market is seen as a sign that investors may be too worried but that also reflects a buying opportunity.
Experts say that the BTC market is currently going through an accumulation phase and there are indications that the buying momentum has increased, which may push the BTC price up.
“Bitcoin surged by 8 percent yesterday to edge over the $32K level for the first time in nearly three weeks. With the Dollar index falling to 101 and the overall stock markets rallying, Bitcoin and the crypto markets also saw a bullish run,” analysts at WazirX Trade Desk shared in a note.
“On the daily time-frame, the BTC trend continues to traverse within a descending triangle pattern. The next resistance for BTC is expected at $40,000. The daily RSI for Bitcoin has edged over the 50 level, an indication that buying momentum has increased and BTC is clear of the oversold zone,” they added.
Will BTC break above $34,000?
The top cryptocurrency asset has been trading above the US$31,000 level for the past 24 hours, reviving a bit after a long bearish trend. Edul Patel, CEO and co-founder of crypto investment platform Mudrex, thinks that BTC may break above $34,000 if the bulls maintain the momentum.
“If bulls can maintain the same pace, BTC may likely break above US$34,000 in the coming days,” said Patel.
“On the other hand, Ethereum’s transaction fee is also at a one-year low, which might help regain its price. The selling pressure eases as market participants start to return to the market,’ he added.
Darshan Bathija, CEO and Co-Founder of Vauld, said: “The current range BTC has been stuck in has emerged as an opportunity for many market participants as seen from the Bitcoin accumulation trend score from Galssnode. The score shows that the BTC market is currently going through an accumulation phase.”
(Cryptos, including Bitcoin, and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)