Bitcoin (BTC) had a good week with prices rising about 10% to reach the psychologically important level of $30,000. After the rally, the question troubling investors is whether the uptrend will continue or is time for a reversal to happen.
Trading team Stockmoney Lizards recently said that Bitcoin may soon break above its overhead resistance and start a sharp rally. They believe the approval for the exchange-traded fund will drive mass adoption and trigger the rally before the halving due in April 2024.
A positive development this week was that Bitcoin’s strength rubbed off to several altcoins, which surged above their respective overhead resistance levels. This suggests that the sentiment is gradually turning positive and that it may be time to consider buying selectively.
Typically, the coins that lead the markets higher are the ones that tend to do well. Laggards are generally the last to perform, hence could be avoided initially.
Let’s look at the charts of the top-5 cryptocurrencies that may outperform in the near term.
Bitcoin price analysis
Bitcoin is witnessing a tough battle between the bulls and the bears near the $30,000 mark, but a positive sign is that the buyers have not given up much ground.
A consolidation near the current level suggests that the bulls are in no hurry to book profits as they anticipate another leg higher. That could catapult the price to the overhead resistance zone between $31,000 and $32,400.
Contrarily, if the price turns down from $31,000, the
Go to Source to See Full Article
Author: Rakesh Upadhyay
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
