The crypto market has seen a lot of volatility in recent weeks, with the price of Bitcoin (BTC) rallying from a low of $21,300 as the price rallied to a high of $25,000; this proved to be a daily high since it lost this key value for over several months now.
With crypto market is looking more promising as the likes of Polygon (MATIC), after its reclaim of $1, have continued to show more strength rallying to a high of $1.4 as the price of MATIC eyes a reclaim of $2.
MATIC’s price could easily hit $2 if the buy orders for the price of MATIC increase, as the price needs to close above $1.7 for a rally to $2.
The price of Bitcoin (BTC) remains a huge motivating factor for altcoins after suffering a rejection to close high on the daily timeframe after a long period considering how tough the crypto winter has become.
With so much speculation of the BTC rallying to a high of $30,000, this remains on the table, but the price of BTC still faces tough decisions to break above key levels, such as $25,000 and $30,000.
Bitcoin (BTC) Price Analysis on The Daily Chart
Price of BTC, after forming good support at a region of $21,300, the price rallied from that region to a high of $25,000, showing so much volatility within a short time as such volatility has been missing since the start of the bear trend.
The price of BTC continues to hold above the 50 and 200 Exponential Moving Averages (EMA), which corresponds to $21,300 holding as BTC support.
BTC’s price holding above $23,000 is good for the bullish scenario to be intact and for the price to push higher to a region of $25,000 and possibly $30,000.
Image from U.today, a chart from Tradingview.com