The past 7-days have proven to be quite promising for Bitcoin (BTC) as its trading price has kept surging in this particular period.
The value of the asset has recorded a 10% surge in the past 7 days. Due to the recent movement, many investors and analysts are speculating that a bullish trend might be underway.
Like the rest, Bitcoin can be unpredictable but there are technical indicators that can give a good idea as to where it may move in the near future.
BTC’s Latest Performance
On January 28, Bitcoin started its trading day at $23,067, which was a positive sign for investors and the market. The data shows that in the past 24-hours, the trading price of Bitcoin has increased by 0.07%.
Although Bitcoin started its trading day at $23,067, it has currently settled at $22,971. The data shows that the trading price of the asset has been moving in an upward direction.
So far, the trading price of Bitcoin is within two particular ranges. The top range for BTC is $23,181 and the bottom range for Bitcoin is at $22,942. This is what the asset has witnessed for a long period.
Wendy Rogers Wants to Adopt Crypto
Wendy Rogers, the senator from the state of Arizona has recently proposed a bill for the legalization of Bitcoin in the state.
She has cited data from Goldman Sachs claiming that it is one of the best-performing assets on a global scale.
If the bill is accepted, the trading price of the asset may continue to rise and provide more support to the trend.
The decision by the US Feds
As the month is coming to a close, the traders are looking up to the US Feds to see what decision they make for the interest rate hikes.
The investors are expecting that the Feds may not hike the interest rates on a higher scale. This would eventually pull the trading price of the dollar. It would eventually push the trading price of Bitcoin.
The interest rate reduction may cause the trading prices of the overall cryptocurrency market to push higher.
Current Situation of Bitcoin
In the past 24-hours, the trading volume for Bitcoin has increased tremendously. It has been pushed up to $17 billion and the trading price of the asset is currently at $23,017.
The good sign is that the trading price of the asset is over $22,325, which is a strong support line. The technical indicators are suggesting that the price of the asset may hover between $22,340 and $23,400.
For now, BTC has a strong barrier at $23,250 and if the bulls manage to cross it, then BTC’s price may surge higher. In this particular situation, the trading price of BTC may surge to $25,150.