Over the past few days in the cryptocurrency market there has been a short jump in prices in almost all currencies at the same time. The result was an increase in market capitalization to a mark of $ 122 billion.
Many crypto enthusiasts have already dubbed this rise the start of a new bull rally, however, in our opinion, these statements are very premature. The market still has a place for short-term speculation.
Bitcoin, in turn, also rose in price to the level of 3600-3600 at different sites. Despite this, it is still in a downtrend channel and it’s still early to talk about its potential for continued growth. The key level for BTCUSD is the resistance of 3670, which has not yet been broken through.
Predicting the movements of the main cryptocurrency for the next week, we can note that the price is approaching the upper border of the trend channel. At the same time, the proximity of an important resistance line indicates a likely price rebound from this level. The most likely zone of price reversal is the place where the trend line and the resistance level intersect (marked with blue). In case of breaking through this mark, the price growth and testing of the next price mark of 4000 is expected.