Bitcoin Bull Run Reaches Its "Phase 1"
Author: Lucy ClarkAt present, Bitcoin has been trading around the $27,000 support level according to data from CoinMarketCap. If this level is broken, Bitcoin price could dip further and retest the $25,000 price line. Additionally, data from CoinMarketCap indicates that Ethereum (ETH) is showing a 14% down from its price point from the previous week. This has caused ETH to dip below the $2,000 mark, leading some analysts to speculate as to whether this dip may be a sign of an incoming dip in other cryptocurrencies with large market caps such as Binance Coin and Polygon.
Nevertheless, the overall sentiment in the cryptocurrency market remains largely bullish with institutional demand driving the upswing. It appears that Bitcoin may have only entered its initial “Phase 1” of market momentum after crossing the mid-line of the Monthly RSI technical analysis. This could open the door for more investment opportunities with Bitcoin, with cycle mid-tops and macro tops yet to be reached. Therefore, despite current dips in the market, investors may still have much to gain in the coming weeks.