Earlier today, BTC price bounced as market players purchased the dip. Keep in mind that the price slumped yesterday following China’s extended crackdowns, burning crypto accounts on Weibo social platform. Many assets plummeted with the news, Bitcoin dropping to $31,000, an 8% dip at some time during the day.
However, the leading coin seems to recover from the losses at the moment, after gaining about 3.8% to trade nearly $34,100 on major crypto exchanges when writing this content.
El Salvador can support the price surge after approving BTC as a legal sender. Moreover, Hester Pierce, SEC commissioner, declared that over-regulating digital coins have its dangers, thus supporting ‘self-regulations.’
Also, the move by MicroStrategy to issue bonds for more funds to purchase BTC can help stabilize the leading asset’s price.
BTC Price Analysis
Bitcoin plummeted by 6% on Friday. That was after Musk’s crypto-related tweet.
The Tesla executive tweeted using a broken heart and the asset’s logo. Keep in mind that some market experts created crypto bots that execute trades immediately after Elon Musk posts any BTC-related content. For that reason, Musk’s tweet impacted the coin’s prices.
From the trading charts, Bitcoin has bounced persuasively off the support levels at $30,000.
The charts indicate that BTC could go higher after moving above testing the support zones. Moreover, pushing to the resistance level. However, BTC requires enough momentum and increased volumes to move past the $40k resistance areas.
BTC could experience drastic slumps over the weekend, thanks to the positivity from the Miami BTC conference.
During the seminar, speakers urged investors to remain vigilant as the coin might regain its treasures soon.
Where to Buy BTC
If you want to purchase BTC seamlessly, you will have to consider crypto exchanges. With that, you will enjoy security while buying and selling your Bitcoins.
At the moment, most experts prefer eToro exchange for BTC buying. The best thing about the platform is that it does not have hidden costs. Moreover, eToro is affordable as far as trading fees are concerned.
Do you have any views on BTC achieving its past glory in weeks to come? Comment below.
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