Bitcoin (BTC) demonstrated remarkable resilience, maintaining a positive trading range over the weekend when many expected a broader market correction.
While there has been volatility in the price of Bitcoin, as evidenced by the fluctuations in the charts, the steady increase in trading volume, which has seen growth, positions the cryptocurrency favorably to maintain its current level and potentially explore new price thresholds.
Notably, a well-known market analyst known as “CrediBULL Crypto” noted that the price of Bitcoin resisted the decline to the local invalidation point at $34,600. Market bulls played a crucial role in maintaining this mid-range, facilitating consolidation and subsequently fueling the upward movement, all in line with the previously outlined strategy.
Given Bitcoin's current positive momentum in the short term, CrediBull Crypto expressed optimism that the asset could continue to experience fluctuations until it reaches the psychologically significant $40,000 mark. In the event of such an event, the analyst believes that a new trajectory to a new all-time high (ATH) may be in the offing.
The analyst has consistently maintained a positive outlook on Bitcoin's price trajectory, arguing that those expecting a dip below the $30,000 mark may be left behind.
A new local invalidation level is set at $34,737. If Bitcoin touches this threshold, it will likely serve as a launching pad for even more ambitious upside moves.