February 1, 2023

To continue the uptrend, BTC must overcome $ 7960

To continue the uptrend, BTC must overcome $ 7960

On the last day of autumn, the largest digital currency Bitcoin (BTC) has taken a bold step towards increasing the market prices. Combined with the BTC price recovery, altcoins joined the king of coins in this race, pushing the bears to the background.

In response to the emerging hope for a newBitcoin showed an uptrend, analyst Crypto Birb voiced the possibility of BTC falling to $ 5400, especially if the coin fails to return to $ 7960. Only approaching $ 8000 cryptocurrency can come close to the resistance level of $ 9100.

“BTC must return to $ 7960 in order to play $ 9100 (note bullish divergence), the early signal is a 3D close above MA100, everything below is focused on MTF ~ $ 5400.”

The downtrends that Bitcoin has encountered recently have been explained by the suppression of the activities of some crypto exchanges and crypto start-ups in China.

This is a so-called police raid on the office of the largest cryptocurrency exchange in terms of trading volume Binance, as reported by The Block news agency.

This news was quickly refuted by the generalDirector of the exchange Changpen Zhao, who promised to sue the publication. He said that the company does not have an office in Shanghai, respectively, there could be no raid and closure of the branch.

It is believed that the effect of scandalous and fakethe news allegedly affected the price of bitcoin, which then went below the support level of $ 7000. Since then, however, BTC has resumed trading just above the resistance level of $ 7,800.

At the time of writing, Bitcoin was trading at around $ 7,300 with a tendency towards a slight decrease in prices: