Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The market was riding a wave of disbelief higher, and Bitcoin’s sally past $30.8k could open the bullish floodgates.
- A retracement back toward $28k could offer a buying opportunity.
Bitcoin [BTC] did not see a retracement beneath the $29k mark over the past two days. Instead, the bulls could defend the $29.6k level, as at the time of writing, BTC was trading at $30.7k.
Read Bitcoin’s [BTC] Price Prediction 2023-24
A recent report highlighted the growing accumulation among Bitcoin sharks, but BTC miners and whales aided the distribution of the king coin. Despite market sentiment in recent weeks, demand and prices continued to grow, and could catch long-term bears offside.
The price is at a vital resistance once more, but a breakout was likely
The daily timeframe bias for Bitcoin was bullish. The prices retested a crucial resistance in the vicinity of $30k. In particular, the $30.8k level served as resistance back in mid-April. A move above this level appeared likely.
The trend has been bullish in 2023, although that doesn’t mean a bull run was on. Above $30.8k-$31.5k, the next levels of resistance to watch out for are $32.8k and $34.5k. The 100% Fibonacci extension level at $34.2k was a valid bullish target, especially if BTC can breakout past $30.8k.
The RSI was above 70 to show overbought conditions and the CMF was at +0.1 to show significant capital flow into the Bitcoin market. They showed that Bitcoin was likely to continue on its upward trajectory.
Above the $30.8k resistance, there w
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Author: Akashnath S
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