Bitcoin recently had quite a good week, with the prices rising about 10% in order to reach the psychologically important resistance level of $30,000. After this rally, the question that should potentially trouble the investors would be regarding the continuation of the uptrend- or if things would go haywire once more. Stockmoney Lizards, a trading team, recently mentioned that the cryptocurrency could be breaking above the overhead resistance, and then start a pretty sharp rally. They also believed that the approval of a spot exchange-traded fund would drive up the mass adoption rate, as well as trigger a rally before the halving which was due in April 2024.
Bitcoin Seems To Be Looking Up This Week
A positive development that came out this week was that the strength of Bitcoin did rub off to several altcoins, which then surged above the respective overhead resistance levels. This does suggest that the sentiment has been turning positive gradually, and it could be time for one to consider buying selectively. Also, the coins that lead the markets higher are usually the ones that end up doing well. The laggards are the ones to perform last, hence it should be avoided initially. As it stands currently, the cryptocurrency is witnessing quite a tough battle between the bears and the bulls near the mark of $30,000, but a positive sign could be that the buyers have not really given up much ground.
A consolidation near the current price level would suggest that the bulls are in no such hurry to book profits, as they are now anticipating another leg higher. This could then catapult the price to the overhead resistance zone between the prices of $31,000 and $32,400. On the other hand, if the Bitcoin price ends up turning down from $31,000, the exchange would drop to the 20-day exponential moving average. If the price then snapped back from the level, the bulls would try to clear the overhead hurdle.
