Exchanges aim for the next bull run – While the price of Bitcoin regains color in 2023, the cryptocurrency sector remains fragile. Exchange platforms are having difficulties because of the bear market and regulation. However, they do their best to be ready for the next bull run.
With an increase of 10% in 24 hours, the price of Bitcoin touched $35,000 overnight. Buyers have clearly regained control of the price, but what are the next levels that could slow down the price? What are the key levels on BTC?
This analysis of the Bitcoin price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals (commercial link).
Bitcoin price rises 10% in 24 hours
Buyers are the masters of the game right now. In fact, the Bitcoin price explodes on the risehe briefly found the $35,000. The course displays a increase of more than 10% in 24 hoursperformances reminiscent of bull market :
In one week, the course shows a increase of 21%. Also, in one month, the course is in increase of almost 30%. THE capital heads towards the king of cryptocurrencies. Indeed, the BTC/ETH pair climbs almost 4% in 24 hours and more than 6% over one week.
Bitcoin price breaks the 200-period moving average and resistance located around $30,000
THE moving averages are widely used by traders and investors. There 200-period moving average (MA200/ blue curve) is relatively interesting for BTC. Indeed, this indicator offered important supports in 2018, 2019 and 2020. However, during the 2022 bear market, the price pierced the MA200:
In 2023, the course has oscillated around the MA200the level having served as support and resistance. Last week’s weekly close was above the 200 MA, and this caused a significant upward volatility on the price of BTC.
The buyers managed to break the resistance which was around the $30,000. From now on, this level will have to be transformed as support. The RSI has rebounded to the level of bullish trendlineand he broke the bearish trendline. This caused bullish volatilityTHE buyers have their hands on momentum weekly.
Is the price of Bitcoin heading towards $38,000?
When the price explodes upward like this, it is interesting to take a step back from the situation. The price of Bitcoin must close the week above the weekly resistance zone around $30,000. With the breakage of this resistance zonethe price would exit range between support at $26,000, and resistance at $31,000 :
The course chose to break the range upwardsand the next resistance sits at $35,000then to $38,000. A re-test of $31,500 cannot be excluded. In the event of a return to this level, it will have to be defended by buyers. The RSI is once again in the hands of buyers, it will be necessary to maintain momentum with rising lows and highs.
The price of Bitcoin explodes upwards and returns above the 200-period moving average on a weekly basis. It also breaks the resistance which is around $30,000. The buyers now need to defend the support level which lies around $31,500. The next resistance zones are at $35,000 and $38,000. At the same time, Blackrock is preparing for the launch of the spot Bitcoin ETF.
Closer to Bitcoin news
Do you want to delegate the trading of part of your cryptocurrencies? Through his optimized trading serviceCryptoTrader allows you to maximize your profits in a simple, diversified and fully automated way (commercial link).