Numerous market experts have said that after the price of bitcoin (BTC) has overcome an important resistance level at $24,000, the rate may rise to $27,000 in the very near future. Analysts noted an increase in demand for a virtual asset among both retail and institutional investors.
Crypto analysts expressed confidence that an increase in the number of unique wallets and sales of futures contracts on the CME exchange could be a clear signal for further growth in the BTC rate. It is able to break the $27,000 mark and go further due to little or no resistance in this range and support above the technical level of the 50-day EMA (moving average).
It was noted that major investors are optimistic. As of August 8, 2022, they are 1,085 long and 627 short. In addition, being above $22,800, the price of bitcoin exceeded the key line of the 200-day EMA. Over the past weeks, about 1.36 million addresses have added about 1 million BTC coins to their balances.
The well-known analyst Lark Davis announced the indicators of a bullish rally, as he noticed an attempt to break out of the 50-day EMA and stay higher on the BTC price chart. His colleagues Crypto Tony, Crypto Birb and Rekt Capital assured that not only bitcoin, but also altcoins are striving to break through the upper resistance levels and create support. BTC and ETH will lead this rally.
At the time of writing, Bitcoin was trading at $24,140, up 4.8% from a day ago. The total supply of assets in the market amounted to $459.77 billion.