- Analyst Kaleo tweeted today that his upside target for BTC is still $40K.
- At press time, BTC’s price stands at $28,007.43 after a 3.86% gain.
- Technicals suggest that the market is waiting for this week’s US economic data.
The popular crypto trader, Kaleo (@CryptoKaleo), tweeted this morning that he is still bullish on the crypto market leader Bitcoin (BTC). His latest tweet served as a “daily reminder that nothing has changed.” The trader concluded the tweet by stating that $40K for BTC is still a magnet.
BTC’s price has risen 3.46% over the last 24 hours according to CoinMarketCap. Despite the 24-hour gain, BTC’s weekly price performance remains in the red at -0.80%. As a result, the leading crypto by market cap is trading at $28,007.43 at press time.
BTC has also made its way onto CoinMarketCap’s trending list, and occupies the number 2 slot. This ranks it underneath Arbitrum (ARB) and above Ripple (XRP). Meanwhile, BTC’s dominance has slipped 0.02% over the last day, taking its market dominance to approximately 46.07%.
BTC/USDT daily chart (Source: TradingView)
BTC’s price broke below the positive trend line present on its daily chart on 21 March and has consolidated between $26,617 and $28,138 ever since. The crypto’s price seemed to have lost the support of the 9-day EMA line this past Monday but is currently trading above the level today.
A close above the 9-day EMA level today will serve as a bullish sign for BTC. However, BTC’s price will likely continue to consolidate in the current range in anticipation of the US Economic data which will be released later this week.
If BTC’s price is able to break and close above the resistance level at $28,138 in the next 24 hours then it will likely make a move toward the next resistance level at around $28,318.
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