Bitcoin Primed For A Bullish Breakout After Months Of Sideways Slumber
Looking at the current state of being on Bitcoin in Week 25 of 2023
Bitcoin shifting sentiment
With a 25% rise within a single week, bulls have overtaken the bears in this week of trading. For some, it is surprising to see that a mere 7 days ago, the sentiment was highly bearish, and it was widely expected for Bitcoin to drop towards much lower prices! Only a few days later, that sentiment was crushed, and overtaken by a much more bullish sentiment, and without warning, taking out US$30,000 by storm in just a few days. Welcome to crypto!
Bitcoin Price Analysis
While many are surprised by the bullish reaction on Bitcoin, the reaction is easily explainable from a Technical point of view, as price has tapped the support region in between US$25,000 and US$24,000 respectively after a local downtrend that has been initiated in early March this year. Taking these facts into account, it makes sense to assume that price is prone for a retracement.
What was less expected was that price broke every single resistance level along the way without a second thought, reaching the US$31,000 mark without much problems. As this marks the very last resistance levels, before a bullish breakout can be confirmed, the Bitcoin price is currently stalling as it decides its next move.
If Bitcoin can trade above US$31,000 and can stay there as the candle of this week comes to a close in just a few days, the probabilities of traversing to higher prices increase significantly, making US$36,000, US$38,000 and US$40,000 a realistic target.
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