Bitcoin (BTC) surged to $38,000 on 2nd June. This was a round of volatility that was expected for a long time. With this, a bull level of critical importance has been regained.
Traders Strongly Believe In Bitcoin’s Upcoming Upside
TradingView and Cointelegraph Markets data indicate that BTC/USD has finally managed to beat the $37,500 resistance level on 2nd June. Its eventual highest value stood at $38,090. Previously, there were doubts over whether the support level of $30,000 would remain. This is because there was potential for another price dip which would have dropped the price below $20,000, or lesser.
However, after the recent gains, the mood has lifted noticeably among traders. Crypto Ed, a popular trader, tweeted in a recent update that Bitcoin reaching its latest high is an optimistic sign. He said that BTC was going up by 5 legs in the current move. This has potentially increased the chances of a further upside. He strongly believed that traders should break and surge to reach the upside as soon as possible.
Crypto Ed was not alone as several traders called for Bitcoin’s recent bullish continuation. They would prefer it over a breakdown happening if the resistance level of $37,500 is confidently left behind. Bulls consider the level as a line drawn across the sand. As such, converting it into a support level would pave the way for higher significant levels at $40k and $42k.
However, Rekt Capital, another trader, advised caution. He argued that this recovery required bullish activity of the sustained nature to not be defeated. He pointed out the “death cross” indicating a downside if you take into consideration the moving averages over 50 weeks and 200 weeks.
He said that Bitcoin recovering before a death cross takes place does not wipe out the possibility of it occurring. So he advocated for micro-bullishness rather than a sudden charge.
