2023-06-21 16:21:00
Bitcoin ETFs are popular. Blackrock recently filed for a Bitcoin ETF with the SEC (Security and Exchange Commission), and other asset managers are getting on board. It seems that this news is giving color to cryptocurrency prices. Indeed, the price of Bitcoin climbs by 10% in 24 hours. Buyers have their hands on the price, but BTC is entering a significant resistance zone.
Bitcoin price climbs 10% in 24 hours
With Bitcoin explode on the rise. In just a few days, the price went from 24 800 $ To 30 000 $. Bitcoin price rises by 10% in 24 hours :
Performance of Bitcoin once morest different pairs – Source: Coincheckup
In one week, the price shows a 13.5% increase. Now the price is up almost 10% in one month and more than 70% in six months. The BTC/ETH pair climbs 3.5% in 24 hoursBitcoin continues to be the king of cryptocurrencies.
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The price of Bitcoin is back at the level of important resistances on a weekly basis
With this quite violent upward movementthe price of BTC is back at the level of important resistances on a weekly basis. Indeed, it is the polarity zone between $29,000 and $31,500 :
Bitcoin price once morest the dollar (1W)
The course has already been rejected at this level during the month of April. To relaunch momentum, it will be necessary to close above the last high marked at $30,950 weekly. If the price manages to develop above the polarity areahe might join the resistance zone located at $38,000. On the other hand, a new rejection here might allow sellers to score a weekly double top. The RSI is starting to rise once more, it will be necessary to continue to mark bottoms and ascending tops.
Bitcoin price is back at the resistance level at $29,800
For a few days, the Bitcoin breaks the various resistances present on his way. It is currently evolving at the level of resistance at $29,800 :
Bitcoin price once morest the dollar (4H)
If the buyers pushed, the price might break this resistance and return to the level of thehas resistance at $30,500. On the other hand, if the course was dismiss here, the course might return to the level of the rack at $28,500. The institutional bias (EMA 9/EMA 18) is trending up, it might act as a dynamic support in the event of a fall.
The RSI continues to show a trend with ascending lows and highs. However, the RSI is in overbought zoneit is possible that the price will experience a slight pause. For the moment, the buyers have their hands on the momentum short term.
The price of Bitcoin explodes on the rise, it even touched the psychological round number at $30,000. The price is now moving at an important resistance zone on a weekly basis, it will have to be broken to find the resistance level at $38,000. In the short term, if the buyers push, the price may retrace to the resistance level at $30,500.
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