Bitcoin price today has increased by nearly 1.98% and is trading at $23,752 at the moment. Meanwhile, the other altcoins witnessed a minor pump, painting the entire crypto space green at the moment. With the bullish sentiments growing market [articipants could be bewildered whether the price may sustain the upswing or it is just a short-term bounce.
Some analysts believe that the BTC price is primed to drop back below $20,000 while some of them believe in the bullish trajectory. The price holding above the crucial support could offer substance to the bullish claim. Besides, the hash rate or the computational power required to process a single block of BTC has marked new highs.
The growth in the hash rate indicates the platform becoming more decentralized, more secure and less prone to any illegal activities. Also, it indicates a rise in the mining process as more nodes may have joined the network, making the validation process strenuous. Apart from this, the BTC price has managed to rise above the ascending trend line that it followed since the beginning of the year.
The Bitcoin price is currently trading in an ascending triangle, as the price approaches the apex of the consolidation. The RSI has displayed a bullish divergence, and hence a positive outlook emerges for the BTC price. Therefore, the star crypto may rise and test the immediate resistance above $24,500.
However, a bullish breakout is expected here, but the bearish volume has accumulated heavily and hence the upswing may not sustain for long, compelling the Bitcoin (BTC) price to drop back. within the triangle