- Crypto Rover noted in his latest analysis that BTC was in the process of breaking out a multi-day negative trend.
- The analyst revealed that BTC breaking above $27.2K may be a confirmation of a bullish trend reversal.
- At press time, BTC was trading at $27,077.08 after it gained 2.55% over the past 24 hours.
The cryptocurrency trader and analyst Crypto Rover revealed in his latest analysis that Bitcoin (BTC) is in the process of overcoming a significant negative trend line on its charts. According to the analyst, this is the first time the market leader has been able to break out of this bearish trend in the past 77 days.
Subsequently, Crypto Rover speculated that BTC’s trend may shift from bearish to bullish in the coming few weeks. He did, however, share that he is waiting for BTC to record a higher high at, or above, $27.2K before confidently entering into a long for the cryptocurrency.
Thereafter, the analyst shared that BTC breaking above $31K could be an extremely bullish signal. This may then lead to BTC recording a new all-time high (ATH), according to Crypto Rover.
From a fundamental analysis perspective, the analyst believes that it is only a matter of time before the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s BTC spot exchange-traded fund (ETF) application. This is after the agency delayed the prominent fund’s application yesterday.
Should the SEC approve Blackrock’s BTC spot ETF application, then Crypto Rover is confident that the SEC will also approve the applications submitted by other noteworthy institutional fund managers. This series of approvals could then ignite a strong BTC rally.
Meanwhile, at press time, CoinMarketCap indicated that BTC’s price had risen 2.55% over the past 24 hours. As a result, its price was elevated to $27,077.08. This latest increase in BTC’s value pulled the cryptocurrency’s weekly performance out of the red – boosting it to 1.42%. Furthermore, BTC occupied the top spot on CoinMarketCap’s trending list.
Along with the price increase, BTC’s 24-hour trading volume also rose throughout the past day of trading. At press time, BTC’s daily trading volume across all exchange platforms stood at more than $14.4 billion.
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