On May 14, top cryptocurrencies such as Bitcoin and Ethereum rose slightly as the market rebounded from recent losses. The worldwide cryptocurrency market capitalization is now $1.28 trillion, up 2.26 percent from the previous day.
The price of bitcoin fell to roughly $25,420 this week, its lowest level since December 2020. It remained stable below $30,000 on Friday. If the Bitcoin (BTC) price tests $32,500, expert traders believe it might retake the $34,000 mark. Several positive indicators now point to a possible move above $32,500.
BTC was up roughly 15%, passing beyond the psychological threshold of $30,000. The crypto market is seeing a BTC-led comeback, with other cryptos also seeing gains. As BTC continues in an ascending channel towards the $32,000 mark, the price action appears to be powerful.
Will BTC Price Test $34k?
The markets are bouncing back after a bad week, according to widely followed crypto analyst Michael van de Poppe, starting with Bitcoin. Poppe expects that Bitcoin will soon return to the $34,000 range.
Poppe stated that Bitcoin had maintained the critical level, which is fantastic. He wants to see if it can last longer than $29,700-30,000. If that’s the case, a test at $32,700 and possibly $34,000 could be conducted.
Investors are still Bullish about Bitcoin
Glassnode’s most recent on-chain study indicates bullish statistics for the token. As prices fell, the Bitcoin Accumulation Trend Score rose to very high levels between 0.7 and 0.9. This shows that investors are bullish about Bitcoin, as a substantial portion of the market added BTC to their portfolio.
The demonstration does not exclude whales. Whale Alert claims that some whales are accumulating BTC at lower prices. In reality, a BTC whale that had been dormant for 8.5 years has now been reawakened. In the last 24 hours, exchange outflows increased as whales purchased large amounts of Bitcoin (BTC).