Many members of the crypto community believe that cryptocurrency keeps growing.
All top cryptocurrencies showed positive dynamics of movement within 24 hours. At the press time, Bitcoin is trading at $ 36 330. Over the course of the day, the cryptocurrency has risen in price by 0.36%, over the week – by 0.83%.
The digital asset market went up after President of Salvador announced his intention to make bitcoin a legal financial instrument in the country, along with the US dollar. Against the background of the positive movement of the cryptocurrency rate, the participants in the crypto industry continued to analyze the prospects for BTC.
Well-known analyst in the crypto community, Michael Van De Poppe, drew attention to the fact that over a long period of time, bitcoin moves within a narrowing triangle. Moreover, each subsequent minimum turns out to be higher than the previous one. Local highs are also declining.
#Bitcoin is ready for the climax.
Lower highs, higher lows, volume draining down.
All levels are tested, even $34,800 is now tested.
The breakout of this construction should be happening in the next 7 days or so. pic.twitter.com/CzAT12cspf
— Michaël van de Poppe (@CryptoMichNL) June 7, 2021
This behavior of BTC, in his opinion, can be considered as a period of energy accumulation. The lateral movement of the cryptocurrency, from the point of view of technical analysis, may result in bitcoin going into active movement. Depending on the market sentiment, it can be either a significant growth or a rapid fall. Michael Van De Poppe is confident that the exit from the figure can happen within the next 7 days.
— Lark Davis (@TheCryptoLark) June 6, 2021
Analyst Lark Davis drew attention to the fact that bitcoin, despite pressure from sellers, did not break through the trend support line. This behavior of the cryptocurrency, from the point of view of technical analysis, indicates that the asset has the strength to grow further.
Bitcoins are being moved off exchanges at the highest rate since November pic.twitter.com/FoEjsfalIj
— William Clemente III (@WClementeIII) June 6, 2021
Meanwhile, members of the crypto community drew attention to another signal that speaks of the prospects for a positive movement in the Bitcoin rate. They recorded a large withdrawal of BTC from exchanges. This behavior of investors indicates their unwillingness to conduct trading operations with cryptocurrency. Against the background of potential sellers leaving the exchanges, it can be assumed that growth is ahead of Bitcoin.
Despite the outlook for continued growth from BTC, the Cryptocurrency Investing Fear Index is still in the red. This position of the indicator suggests that most investors do not consider, at the moment, bitcoin as an asset for a profitable investment.
Bitcoin Fear and Greed Index is 15 – Extreme Fear pic.twitter.com/Do5i2HwcVT
— Bitcoin Fear and Greed Index (@BitcoinFear) June 7, 2021
Recall that recently information appeared on the network that hackers decided to take revenge on Elon Musk for the money lost by cryptocurrency investors.