The crypto market has maintained a bubbling spirit despite Bitcoin’s (BTC) struggle recently to show much price action. The price of BTC for the past three months has shown a better price action than in recent months.
The market looks promising as new projects continue to build, although the bear market hasn’t been rosy for most crypto projects and altcoins as the price of many altcoins has dropped from their high to a low of over 80% loss.
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The news of the Arbitrum one (ARB) airdrop has been welcomed in the crypto space in the past few days as many made thousands of dollars interacting and bridging tokens on the Arbitrum networks for months now before its snapshots as many wallet addresses were rewarded for their effort in contributing to the Arbitrum community.
The price of ARB was listed for $1.2-$1.5 as many made a good return after claiming the Arbitrum tokens allotted to them. Although this has been good news for many as others seek to look for more airdrops opportunities, there is still a huge concern for Bitcoin’s (BTC) price as the price continues to struggle to break past $28,000.
Bitcoin Price Analysis Ahead Of Arbitrum Odyssey Launch
With so much hype surrounding the Arbitrum ecosystem after its launch of ARB airdrops putting so many smiles on the faces of many, attention has shifted to the Arbitrum odyssey NFT launch.
This hype has led to many wondering how BTC price action in the coming weeks will affect the price of ARB as many investors would like to buy this token at a bargain.
Bitcoin’s (BTC) price has struggled to reclaim $29,000 as the price has suffered many rejections to a region of $27,500. The price of BTC currently trades at $27,500 as the price could suffer more drop to a region of $25,000 if the price loses the region of $26,500.
The price of BTC retesting $25,000 could affect the price of ARB as many would buy at $0.8-$0.5 with hopes of price rallying higher in no time.
BTC price revisiting $25,000 is not an issue if the price holds above this region; if the price breaks below $23,000, we could see bears trying to take over the market.
Price holding above $25,000 could see the price attempting a break above $30,000 – $32,000.
