Meteoric Bitcoin Rise Continues: A $15,000 Increase in Just 5 Days!
Over the weekend, Bitcoin’s somewhat dull price movements from the previous few days persisted, hovering around $118,000 at that time. During the previous trading week, the pioneer cryptocurrency initiated a spectacular rally by eventually breaking through the $110,000 resistance level. Then, it jumped to $112,000, which was its highest point ever. By the end of the week, the gains had persisted, and Bitcoin had reached another high of around $119,000. The bulls, however, brought the asset to its most recent all-time high of more than $123,000 on Monday, July 14. That meant that in just five days, it had added over $15,000.
BTC Bulls Defend $116K Support: Analysts Predict Healthy Consolidation Phase
Bitcoin dropped to less than $116,000 during the course of the following two days, as a correction appeared probable. By the end of the week, however, it had regained some ground and defended that level. After a quiet Saturday, it even tested $120,000 and $121,000, but to no avail, and is currently trading at about $118,000.
Even while efforts to firmly reclaim the $120,000 barrier have failed, market sentiment about Bitcoin is still generally positive. The basis for the upcoming upturn, according to analysts, is a sound consolidation.
Can Bitcoin Revive the Entire Crypto Market With a $121K Breakout?
In addition to the significant support level of $116,000 being intact, trading volumes have stabilized. At lower levels, this suggests that buyers are still active. As the new week draws near, investors are looking for a possible break above $121,000. A break of this kind can lead to new all-time highs and bring the cryptocurrency market as a whole back to life.
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