Will Bitcoin Break New Ground or Crumble Under Pressure?

• CryptoBusy’s analysis points to market manipulation, adding uncertainty to Bitcoin’s intraday trading.
• Bitcoin faces a pivotal moment as it tests all-time high resistance while a decade of support holds the line.
• Friend.tech challenges Bitcoin’s dominance with higher transaction fees, highlighting the evolving crypto landscape.

In the cryptocurrency space, where fortunes are made and lost in the blink of an eye, CryptoBusy, a renowned technical and market analyst, has sounded the alarm bells with his recent Bitcoin intraday guide. With Bitcoin trading at $27,926.80, all eyes are on the pivotal levels that could determine the fate of this digital behemoth. A question remains if Bitcoin will break free from its all-time high resistance of 2021 or if a decade’s worth of support will crumble beneath it.

CryptoBusy’s analysis revealed a turbulent market, suggesting possible manipulation at play. For intraday and day traders, understanding the critical levels on the lower time frame is paramount. The question looming significant is whether Bitcoin will defy gravity and surge to new heights or succumb to the relentless pressure from bearish forces.

Per another CryptoBusy post on the same thread, the resistance from Bitcoin’s all-time high in 2021 stands as a formidable barrier. If breached, it could pave the way for a monumental upward surge, sending shockwaves throughout the crypto sphere. 

However, the other side of the coin presents a stark reality—a decade’s worth of support holding Bitcoin’s fort. Should this foundation crumble, the consequences could be dire. Breaking such robust support is a bearish signal that might trigger a cascade of lower lows.

In another related report, Bitcoin recently faced a formidable opponent—Friend.tech, the decentralized social network. According to Token Terminal data, Friend.tech’s transaction fees in the last 30 days amounted to a staggering $26.8 million, outpacing Bitcoin, which raked in $24.2 million. This revelation underscores the growing influence of decentralized platforms and their potential to disrupt the crypto landscape.

As of this press, Bitcoin’s price hovers at $27,926.80, with a 24-hour trading volume exceeding $13 billion. Its market cap sits at a colossal $544,752,614,060, reaffirming its dominance as the top cryptocurrency. With a circulating supply of 19,506,443 BTC coins and a maximum supply capped at 21,000,000 BTC coins, Bitcoin’s scarcity remains a driving force behind its value.