The Bitcoin (BTC) price is moving toward a long-term resistance area after finally breaking out above $30,000.

The outlook for Bitcoin in the coming week is optimistic for several reasons. One of the main factors is that the BTC price has broken out of a downward trend line that had been in place since it reached its all-time high, and this breakout was confirmed by a long lower wick and a bullish engulfing candlestick the following week. In addition, the weekly RSI has risen above 50 for the first time since June 2021.

As a result, it seems probable that the price of Bitcoin will continue to rise towards its long-term resistance level of $31,700 soon. However, if it is unable to break through this level, there is a possibility that the digital currency may drop back down to $24,600.

How Long Will the Bitcoin (BTC) Price Breakout Continue?

The analysis of Bitcoin’s daily time frame also gives a positive Bitcoin price forecast, with several indicators supporting this conclusion. One of the most significant indicators is the daily RSI movement, which is currently breaking out from a bearish divergence trendline (green), indicating that there is no bearish reversal in sight, and t

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Author: Valdrin Tahiri

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