Crypto News– Cryptocurrency trader and investor Daan Crypto shared insights in a post on Saturday, expressing optimism about Bitcoin’s (BTC) ongoing positive trend. The trader highlighted BTC’s impressive performance with its fourth consecutive week in the green, contributing to the positive outlook. Emphasizing this, Daan Crypto pointed out that Bitcoin was trading well above its bull market support band on the weekly chart.
Positive BTC Trend Anticipated to Extend, According to Analyst Predictions
Despite the positive sentiment, the trader cautioned that occasional dips could still be part of the journey. As the new week began, BTC, like many other tokens, experienced a slight decrease in its price. According to data from CoinMarketCap, Bitcoin’s value dipped by 0.50% to $36,987.75. Although it reached a high of $37,405.12, the cryptocurrency retraced to its current trading level.
During these fluctuations, BTC’s 24-hour trading volume increased by 0.84%, reaching $13,098,205,251. This upward movement in trading volume added to the overall positive indicators for Bitcoin. Notably, BTC’s weekly performance remained in the green, showcasing a growth of over 6%, underscoring the resilience of its recent success.
Bitcoin (BTC) found support at the $36,900 level but faces potential downside risk as it recently breached a positive trend line established over the past 48 hours. The trend line, formed through the cryptocurrency’s pattern of higher lows and higher highs in the preceding weeks, was instrumental in outlining its positive trajectory. However, the recent deviation from this trend line raises concerns that BTC might dip below the $36,900 support level.