- Following the recent upsurge, the BTC price is up 29.79% in the last 30 days.
- The price has been consolidating lately after failing to go above the $35,000 mark.
The blockchain analytics platform Santiment hinted in a twitter post yesterday that a market downturn for cryptocurrencies may not be happening very soon. This is in response to the current market recovery, which has resulted in significant price gains for Bitcoin (BTC) and other cryptocurrencies.
Moreover, there are still a lot of active Bitcoin addresses, the post claims. BTC is also seeing a good amount of once dormant tokens suddenly moving. This has a long association with strong bullish momentum.
Bitcoin has reached all-time high prices in Turkey and Nigeria due to the decline of national fiat currencies and the overall instability of the economy, despite trading at 50% less to its highest in U.S. dollar terms.
With monthly increases of up to 30% in local currency terms, BTC traded at 9.6 million against the lira (TRY) and 27.4 million against the naira (NGN) as of Friday morning.
Bulls in Control
At the time of writing, BTC is trading at $34,112, down 1.10% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 24.37%. Following the recent upsurge, the price is up 29.79% in the last 30 days.
The price has been consolidating lately after failing to go above the $35,000 mark. If the price manages to go past the $35,090 mark then it will likely test $38,610 resistance level. Further upsurge will likely see the price testing $44,120 level.
However, if bears drive the price below $31,670 then further decline all the way till $29,750 is highly likely. Breaking this level, will likely drive the price to test the $28,230 support area.