Will Bitcoin ever trade below $27,000 again?

In the latest episode of The Market Report, analyst and writer Marcel Pechman analyzes some data to conclude whether Bitcoin will ever trade at $27,000. Some analysts attribute Bitcoin’s recent 21.5% gains to BlackRock’s spot Bitcoin exchange-traded fund filing, but other events might have also fueled the cryptocurrency gains.

Pechman shows how Bitcoin futures and margin markets show confidence being restored despite the price rally. Some distrust would normally be expected as traders expect a pullback after a 20% or higher gain. Consequently, Bitcoin bulls should now have the upper hand to sustain the $27,000 Bitcoin price support level.

Moreover, the regulator’s claims about stablecoins are definitely something to be considered because that’s also heavily impacting the price formation on exchanges servicing U.S.-based clients. Still, Pechman advises not to bet against trillion-dollar money management companies.

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