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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.
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.