Bitcoin’s price was able to rally to as high as $11,917 Friday before losing momentum, falling back into the $11,500 range. “Over the past day, bitcoin tested the level of $11,900, but it did not succeed, and BTC slipped,” said Constantine Kogan, partner at crypto fund of funds BitBull Capital.
One downward trending day is not altering optimism about the crypto market, added Koehler. “With bitcoin following gold as a store of value, and DeFi pushing ETH, the excitement is palpable in the trading community right now."
John Willock, CEO of digital asset liquidity provider Tritum, agrees. “Sentiment in the market is highly buoyant and generally positive market news is increasing confidence and aggression in positioning,” he said. “I expect to see bitcoin bounce back quickly to $12,000 with ether to $400 this weekend.”