{"id":409801,"date":"2023-06-20T14:40:26","date_gmt":"2023-06-20T14:40:26","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=409801"},"modified":"2023-06-20T14:40:26","modified_gmt":"2023-06-20T14:40:26","slug":"bitcoin-price-prediction-as-the-coin-grows-to-a-resistance-at-27k-and-reclaims-50-market-dominance-after-2-years","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-as-the-coin-grows-to-a-resistance-at-27k-and-reclaims-50-market-dominance-after-2-years","title":{"rendered":"Bitcoin Price Prediction as the Coin Grows to a Resistance at $27k and Reclaims 50% Market Dominance after 2 Years"},"content":{"rendered":"

After seeing a week of price drops, the Bitcoin price recovered significantly over the weekend as a consequence of BlackRock’s Bitcoin ETF filing<\/a>. While many expected the coin to correct with the start of the new week, BTC managed to find support at $26,450 and then surge on Monday evening.<\/p>\n

However, the new price surge did not take it very far, as the resistance level at $27k managed to hold on and stop the coin from advancing.<\/p>\n

It also rejected the price slightly, causing it to drop to $26,767, which is where it sits at the time of writing. For now, however, a support at $26,750 seems to have stopped the correction, and BTC has, for the moment, found stability again.<\/p>\n

According to analysts, Bitcoin still has a chance to break the resistance line and continue to rise to the $27,460 resistance.<\/p>\n

At this point, it might get rejected again, depending on how the buying pressure performs at the time. Still, in order to climb that far up, BTC will have to break the current resistance at $27k first.<\/p>\n

\"Chart<\/p>\n

While the coin has been giving some bullish signals, a lot of analysts seem to believe that the price could go either way from here on.<\/p>\n

The bears still have solid arguments, and the whole wave up from November 2022 low could be just a 5-wave move, which a continued decline will follow. Even so, analysts seem optimistic about the future of the coin’s price, expecting it to continue its surge for a while longer.<\/p>\n

\"Chart<\/p>\n

Bitcoin whales bought $3.5 billion in BTC during the dip<\/h2>\n

While BlackRock’s ETF filing is undoubtedly what started the recovery, Bitcoin has had other reasons to grow lately.<\/p>\n

For example, after its price started dropping, a lot of whale activity was reported in the market. Crypto whales<\/a> started buying BTC at a low price, and within days, they accumulated $3.5 billion worth of BTC.<\/p>\n

It is unknown whether this was an attempt at market manipulation or if they were simply making a beneficial investment decision, but the whales certainly contributed to the growing buy pressure.<\/p>\n

Binance sets up Bitcoin Lightning nodes<\/h2>\n

Binance may have also played a role in Bitcoin’s sudden recovery.<\/p>\n

According to recent reports, the world’s leading crypto exchange decided to set up Bitcoin Lightning Nodes<\/a> to make it easier for users to make withdrawals and deposits.<\/p>\n

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#Binance<\/a> is working to integrate the #Bitcoin<\/a> Lightning Network for deposits and withdrawals. <\/p>\n

Some eagle-eyed users spotted our new lightning nodes recently. Yes – that's us! <\/p>\n

However, there's still more tech work to be done. We'll update once Lightning is fully integrated. https:\/\/t.co\/N0oN8561sN<\/a><\/p>\n

— Binance (@binance) June 20, 2023<\/a><\/p><\/blockquote>\n