Bitcoin touches $21,000. What could this mean for the cryptocurrency market in the short term?

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Bitcoin shows signs of recovery reaching $21,000 and suggests the end of the bear marketafter a lateral period in the midst of a rather complex macroeconomic situation and endless counterproductive events that have put many cryptocurrency projects under the world’s attention.

Bitcoin has shown 8% growth in the last week, showing some strength in the last 2 weeks, after starting the month with a significant loss of its market capitalization that pointed to new lows this year, being directly influenced by the Fed’s decisions along with other economic data that have prompted people to take refuge in another asset class less volatile.

What awaits Bitcoin in the short term?

Nevertheless, some recognized analysts suggest that it is not due to an end of the downward trend, Although they recognize that this is good news for the markets, without ruling out new lows this year for Bitcoin, as the renowned investor Ben Armstrong said, “Bitcoin’s movement is not yet bullish in the short term.”

At the time of writing this article, Bitcoin has risen over 3% in 24 hours to trade around $20,700, while Ether has shown a significant 7.5% rise in 24 hours to trade at $1,567.

According to renowned trader Michaël van de Poppe, bitcoin’s next resistance will be at $22,400. Although he estimated that it is necessary for it to consolidate its price in the current range before continuing to such a goal.

Whales are betting on a further drop in the price of BTC.

According to data from CryptoQuantthe whales have moved 8,270 BTC in two days. At the current exchange rate of $20,835, the 8,270 bitcoins are worth $172.3 million. Also some data from Maartuun shows a movement of a total of 5,270 Bitcoin held for at least three years.
The continuing sale of BTC by whales has continued to increase pressure on the price of the world’s largest cryptocurrency. Many expect the rally to continue allowing Bitcoin to break above $21,000. However, with former Bitcoin investors dumping the asset classBTC may go back.

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