Bitcoin (BTC) Likely To Test $32,500 On Several Bullish Reasons

 Bitcoin (BTC) Likely To Test $32,500 On Several Bullish Reasons

Bitcoin’s (BTC) price is back above the crucial $30,500 level after a successful rebound from $26,350.

Expert traders Michaël van de Poppe and The Wolf of All Streets believe the Bitcoin (BTC) price could possibly reclaim the $34,000 level if it tests $32,500. Several bullish factors now indicate the possibility of an upside above $32,500.

Factors Paint Bullish Forecasts for Bitcoin (BTC)

BTC is up nearly 15%, passing over the critical psychological level of $30,000. The BTC-led recovery can be seen across the crypto market as other cryptos also enjoy gains. The price action seems strong as BTC moves in an ascending channel towards the $32,000 level.

In fact, the BTC chart below shows the price currently moves along the 9-DMA, which forecasts the possibility of further upside movement. Moreover, the Bitcoin (BTC) price now trades above the 50-DMA and above the RSI of 61. Thus, the Bitcoin price is likely to increase from the current level.

Bitcoin (BTC)
Bitcoin (BTC) Price. Source: TradingView

The Nasdaq-100 futures along with the other U.S. equity market futures above 1% also paints a bullish picture for the token due to the correlation between the two.

Institutional investors usually buy the dip and the bottom price was the perfect opportunity for them. Canada’s Purpose Bitcoin ETF records the largest net inflow of 6,900 BTC yesterday. The AUM is at a new all-time high of 41.6k BTC. In fact, the Cosmos-Purpose Bitcoin Access ETF (CBTC) gained BTC exposure by buying the Canadian BTC Purpose Spot ETF.

Bitcoin Accumulation Trend
Bitcoin Accumulation Trend. Source: Glassnode

The latest on-chain analysis by Glassnode reveals positive data for the token. The Bitcoin Accumulation Trend Score hit very high values between 0.7 and 0.9 as prices traded lower. This indicates the investors are very positive about Bitcoin as a large cross-section of the market added BTC to their balance.

Whales are not left out in the rally. Several whales are accumulating BTC at lower levels, reports Whale Alert. In fact, a BTC whale sleeping for 8.5 years has just been activated. Exchange outflows rose in the last 24 hours as whales bought significant Bitcoin (BTC).

Crypto Market Recovers

The crypto market seems to have recovered behind Bitcoin’s successful rebound. Ether, SOL, XRP, DOGE, ADA, and others have been up more than 10% in the last 24 hours. BTC traders might expect a further rally, however, the price is trying to break above $30,700.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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