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Crypto

Will Bitcoin, which has been standing still for three weeks, continue to rise?

Bitcoin (BTC), which started its upward movement at $26,000 in October, has been trading in a narrow range despite the shocking developments in recent days. Investors are trying to predict the next move of BTC, which has been stuck between $35,000 and $38,000 in a three-week period.

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FXPro senior analyst Alex Kuptsikevich comments on Bitcoin's next move in his analysis. Underlining that US-based developments have less impact on the market, Kuptsikevich says he expects a new upward movement:

"Although important developments in recent days have caused sales in the market, the depth of the pullbacks is becoming less and less. This means that bullish sentiment is growing."

The latest situation in Bitcoin

FXPro analyst's BTC commentary is in line with technical data. The world's largest cryptocurrency, which has been sold three times at the $38,000 resistance, is making a comeback from higher lows.

Bitcoin, which is currently trading around $ 37,600, may continue its upward movement if it exceeds critical resistance. In a scenario where developments are unfavorable, BTC's loss of the uptrend may lead to increased selling pressure.