• The cryptocurrency market tracker CoinMarketCap reports that Bitcoin (BTC) has seen a 2.5% increase in 24 hours.
• BTC’s current price is $38,969.30, an increase of 2.31%.
• BTC bulls attempt to end the trend of lower lows, lower highs.

According to CoinMarketCap, Bitcoin (BTC) is the largest cryptocurrency marketcap. It started the week with an increase of 2+% in its price over the past 24 hours.

BTC currently trades at $38,969.30. This is a 3.3% increase from the previous 24-hour. BTC also seems to have now closed the margin in its seven-day performance, following a drop of 0.27% over the week.

BTC holds a significant lead in market capital with its market value of over $740 Billion. The second highest market cap (ETH) is almost $345 Billion.

Bitcoin has lower lows than highs (Source, TradingView).

The daily chart shows that the BTC price has had lower lows than highs in the past few days. Also, the 15 EMA remains below 50 EMA which suggests more buying pressure for BTC.

The bulls seem to have taken control of the past 2 days. Week starts with buy orders accounting for the bulk of trading volume. Can the bulls push BTC prices past the $36k support and move it to $40k?

The bulls may be testing the upper bound to see if they can break the wedge. The bulls could break the wedge and continue the breakout to push the BTC price towards $40k. The price of BTC will fall to $36k if it fails.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.

Continue reading on CoinQuora