Bitcoin is currently experiencing considerable gains as the Cryptocurrency tries to maintain its recent gains. However, it requires additional catalysts to maintain its upward momentum
Bitcoin is currently experiencing considerable gains as the Cryptocurrency tries to maintain its recent gains. However, it requires additional catalysts to maintain its upward momentum.
Recently, BlackRock and other companies applied for spot exchange traded funds (ETFs) to trade Bitcoin, which pushed Bitcoin back to a critical level of more than $30000. This development has attracted more attention from retail investors and institutional investors to the Cryptocurrency market. Bitcoin has successfully broken through the key level of $31000, reaching its highest level in 13 months.
But then, last night, Cryptocurrency reversed. Bitcoin encountered difficulties in the face of short-term resistance, directly hitting it, while Aunt Tai was also experiencing a bearish divergence.
According to a new video from 'Cryptoworld', Bitcoin is still on a bullish trend for several months. However, in order to confirm this upward trend, it is necessary to break through the important resistance level of approximately $31000.
To confirm a break above $31000, the weekly candle chart closing price must be above that level. If this happens, the next target based on Fibonacci expansion will be about $37000.
However, he pointed out that Bitcoin currently faces resistance levels around $31300. The repeated rejections in the past two weeks demonstrate the importance of this level. In addition, the area between $30800 and $31000 may also become a short-term resistance level based on previous highs. In terms of support, the area between approximately $29900 and $30100 is crucial, with $30000 being an important level.
For Ethereum, he said that it was still in the bullish trend for several months. Higher lows and highs indicate a sustained bullish trend. However, like Bitcoin, Ethereum also experienced bearish deviation in the short term, which indicates that the upside is weakening.
In summary, Bitcoin is currently experiencing an upward trend, but additional impetus is needed to maintain this momentum. Although the news that BlackRock and other companies applied for Bitcoin ETF has attracted market attention. Bitcoin has successfully broken through the key level of $31000, but still faces some resistance.
Ethereum is also in a bullish trend, but may experience some adjustments in the short term.
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