Bitcoin extended

Bitcoin extended accumulation might lead it to $35K

Bitcoin extended accumulation might lead it to a $35k price level. However, BTC is still moving in an extended accumulation which started on May 13.

As of now, Bitcoin is trading above the $30k price level with a 3% price appreciation over the last 24 hours. However, the trading volume of the flagship currency is down by 30% which is pretty normal seeing the current situation of the overall market. Data from CoinMarketCap also shows that the total market cap of the BTC is above $574 billion which is 22% down from a year ago. Let’s see where Bitcoin extended accumulation is taking it.

Technical Analysis: Bitcoin Extended Accumulation

Bitcoin technical analysis shows that Bitcoin is in an extended accumulation. There are two scenarios possible here; there is a little chance that BTC will break to go downward. The second scenario shows us that bitcoin extended accumulation can lead it to a $35k price level. As shown in the 1H chart of BTC, we might see a false breakout and then head out to the $35k price mark.

Bitcoin extended

The dust in the crypto market is going to settle down soon which can lead us to a bullish rally pretty soon. However, the opposite can lead us to an even more bearish mode. DYOR.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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