• Render Token (RNDR) has risen 15% this week and Bitcoin (BTC) is near the $27,000 mark.
• Huobi Token is also performing well due to positive developments around the exchange.
• BTC attempted to break the resistance level at $27,500 but failed and dropped to a two-week low of $25,900 before starting to regain some traction.
Market Performance
Render Token (RNDR) has been one of the top performers this week as it has shot up 15%. Additionally, Huobi Token is having a good run due to positive developments surrounding the exchange. Bitcoin (BTC) tried its hand at taking down the resistance level at $27,500 but could not succeed in doing so. The price dropped down to a two-week low of $25,900 before beginning a recovery process that now sees it testing levels above $26,900.
Resistance Level
Bitcoin attempted multiple times this past week to break through the resistance level at $27,500 but was ultimately unsuccessful in doing so. After being rejected each time by bears controlling most of the market, BTC suffered a hard drop to $25,900 which appears to have been its bottom for now as bulls have since taken over and prevented any further declines by pushing prices back up above $26,000.
Recent Price Action
The past 24 hours saw another minor increase in prices for BTC that took it close to breaching the key psychological level of $27,000 once again. However, bears managed yet again to prevent any attempts at breaking through this critical resistance point and BTC currently trades just short of it at around $26,900 as bulls await their chance for another go once more bearish pressure subsides.
Future Outlook
It remains unclear whether or not Bitcoin will be able to breach the key resistance line soon as bears still maintain control over much of the market despite recent gains made by bulls. Nevertheless crypto investors remain confident that eventually BTC will be able make progress above this point on its way towards much higher targets such as 30k or even 40k in 2021 if all goes according to plan with regards both fundamental factors and technicals alike.
Conclusion
In conclusion we can see that although Bitcoin’s attempt at overcoming its current resistance level failed this past week; bulls have since stepped in and prevented any further losses allowing prices to recover somewhat from their lows near 25k back up close 27k where they currently reside today awaiting their moment once more bearish pressure subsides enough for them make another attempt at pushing forward higher into uncharted territories beyond 30k or even 40k later within 2021 should everything go according to plan with fundamentals and technicals combined together perfectly during this period ahead of us all!
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