Cryptocurrency Bitcoin (BTC) is proving its worth today, as bulls took back the control of the crypto market and numerous crypto coins show a rise in price. Bitcoin (BTC) is one of the major beneficiaries of the bullish wave and is currently trading at a price of $28,939 at press time.

Bitcoin (BTC) had earlier set up a local support level at $28,694. This of course gave more confidence towards the bulls yesterday and today the rate has risen by 2.28%. Going further, market traders are keeping a close eye on the daily closing rate since if it happens above the zone of $29,000, it is likely that Bitcoin (BTC) will rise further to the resistance of $29,378 come tomorrow.

It must be noted that the price of Bitcoin (BTC) is still trading sideways and is yet to break out of either a bullish or bearish trend and hence any market wide trend reversal is a far fetched notion. On the weekly chart, the price of Bitcoin (BTC) is still stuck in a wide channel, ranging between $28,000 and $30,000. The only way Bitcoin (BTC) may see any significant growth in any way is if the rate fixes itself above the area of $30,000.

In conclusion, as of now Bitcoin (BTC) is still in a sideways state and it may take some more time or some major developments or news for the price to see any significant growth. Most traders prefer to wait and watch, to examine how the market will behave in the coming days. The current hope is for the market to gradually raise above $29,000 with a possibility of a trend reversal only when Bitcoin (BTC) fixes itself above the region of $30,000.



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