The crypto market has stepped into a bullish trend after being controlled by the bears for more than a month. Even the global crypto market cap has regained the $1 trillion mark.
Bitcoin is up 3.60% in the last 24 hours and is trading at $20,921. Even though the Qing currency is recovering, it is important to remember that the currency is still down almost 70% from its all-time high of $69,000 which peaked in November 2021.
Bitcoin Price To Maintain Above $20,500 Area
Well-known crypto analyst Jim Wyckoff is of the opinion that the Bitcoin bulls are now the ones in control after they gained an impressive victory against the bears.
Wyckoff’s assertion coincides with that of Michael van de Poppe, who also predicted that bitcoin could continue its bullish trend should it continue trading above $20,500.
On the other hand, when the flagship currency’s technical analysis is observed, it is seen that the technicals are indicating a buy signal around 11, neutral around 9 and the sell is pointing towards 6. Furthermore, the moving averages are flashing ‘buy’ and the oscillators are indicating neutral.
Meanwhile, with Britain’s newly appointed youngest prime minister, Rishi Sunak sworn in as the country’s prime minister, many expect him to take new steps in favor of crypto assets like bitcoin. This is because the UK PM had earlier claimed that he aims to make the UK a global hub for crypto asset technology.
