The crypto analyst defended his bullish thesis on the fact that Bitcoin price has so far defended a buy zone around $81,583. Additionally, CryptoCove argued that the $BTC/$USDT chart on the four-hour chart has been forming a potential bullish descending channel.
When will Bitcoin rebound?
Bitcoin price has faced more selling pressure over the past two weeks, driven by increased distribution from investors in the United States.
As of press time, the Coinbase Bitcoin Premium Index, the price difference between $BTC-USD’s price at Coinbase and Binance, was at -0.1412, which means the flagship has been trading at an increased discount on Coinbase compared to global exchanges, according to data from CoinGlass.
Essentially, $BTC has faced weaker buying demand or higher selling pressure among U.S. investors relative to global traders.
Consequently, $BTC price is well-positioned to resume its bull rally if U.S. investors, led by BlackRock Inc. (NYSE: BLK) through its iShares Bitcoin Trust (IBIT), begins to accumulate.
$BTC price performance today
Over the past 24 hours, Bitcoin’s trading volume fell by more than 24% to $30.9 billion at the time of publication, based on metrics from CoinMarketCap.
With $BTC price up over 8% in the last 30 days, Captain Faibik believes that the crypto asset is on the cusp of another uptrend.
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