The price of Bitcoin and cryptocurrencies is increasing. Uptrend or temporary rebound?

It’s lunch time again so we take a look at the live Bitcoin price and the top 25 prices. Prices are rising sharply so the question is can we expect a new uptrend or is there a temporary bounce? We analyze the market.

Of course, we will start with the live Bitcoin price and the prices of the top 25 cryptocurrencies.

Bitcoin price live and top 25 cryptocurrency prices continue to rise

At the time of writing, the live Bitcoin price is trading at EUR 38,432.24 ($41,558.64). This is 2.08% higher than lunch yesterday, but 6.41% higher than during our crypto lunch last Monday.

The prices of the top 25 crypto coins also continue to rise. At the moment, apart from some stablecoins, we are only seeing positive results. The biggest gain of the day so far is +6.59% for Solana (SOL). Of course, you can analyze all cryptocurrency prices live 24 hours a day on the Tradeincrypto.com site.

With this price surge, the question is whether Bitcoin’s next uptrend has begun or are we dealing with a temporary rebound in a bear market? We analyze the opinions.

Bitcoin bullish in the short term

The price of Bitcoin is increasing mainly because investors are looking for protection against inflation. The dollar index shows a correction and the price of gold is also falling. Bitcoin (BTC) is apparently a good alternative, fueling the reputation of ‘digital gold’ and ‘safe haven’ against inflation.

If we look at the Bollinger bands, we see that the band widths are narrowing. This makes a price breakout more and more likely. The question then is whether he will turn bullish or bearish. Judging by on-chain metrics like the reserve risk chart, it looks like it’s turning bullish. Therefore, this offers room for further BTC price increases. The question is whether a complete uptrend was born out of this.

BTC’s uptrend has yet to start according to technical analysis

Going by historical analysis and technical analysis, there does not appear to be a full uptrend at the moment. Historical analyzes show that we are in a similar downtrend as the market in 2018. This can be seen in the chart below.

Furthermore, we see, for example in the chart below, that more and more private investors are losing interest in cryptocurrency trading.

Elliott Wave analysis also shows that there is no uptrend for Bitcoin yet. We see this in the video analysis below.

By the way, Elliott Wave analysis is not only a widely used analysis, but also a difficult one. That is why our colleagues at Tradeincrypto.com are happy to explain more about Elliott Wave analysis for Bitcoin and crypto in this article.

What Bitcoin prices do investors follow in the short and long term?

Judging from the short term, the BTC price offers room to grow. One price path may be for BTC price to structurally cross resistances at $41,500 and $41,800, after which it expects additional resistance at $42,500. If that breaks as well, the next resistance at $43,200 is in the offing. This means that we see the narrower Bollinger bands described above taking their toll immediately in practice.

On the other hand, the bearish band is also narrowing. As a result, there is little chance of a sharp price decline in the short term. Support levels are at $40,400 and $40,000. Only then are further price drops looming.

For the long-term development of the Bitcoin price, in addition to the Elliott Wave analysis described above, investors also analyze the situation on the Bitcoin futures market. Here we see many traders speculating on a price drop.

Of course, you can also trade futures yourself or follow developments in the futures market. Our colleagues at Tradeincrypto.com are happy to introduce Huobi Exchange for that.

We will of course continue to monitor the market with our Bitcoin and crypto updates.

Want to stay informed of the latest price changes?

You can always follow the developments yourself with our WANT crypto analyzes or feature articles and previews on the crypto market and Bitcoin. Of course, you can also follow live prices 24 hours a day if you want to stay informed in real time. Are you also interested in other investments besides cryptocurrencies? So our weekly price forecast on Monday morning may be some reading advice. †Note: We never provide financial advice, so you may not interpret our contributions in that way. Always do your own research and make rational decisions about if, when, what and how much you want to invest in.”

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Bitcoin Update: The price of Bitcoin and cryptocurrencies is rising. Uptrend or temporary rebound?

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