Bitcoin continues to dominate, recently breaking the $31000 mark, sparking bullish sentiment among investors and analysts. After a week of volatile trading, the value of Bitcoin surged to over $31000 on Monday
Bitcoin continues to dominate, recently breaking the $31000 mark, sparking bullish sentiment among investors and analysts. After a week of volatile trading, the value of Bitcoin surged to over $31000 on Monday. This was influenced by the news about the application of spot ETF funds and the speculation that they might get approval from the U.S. Securities and Exchange Commission.
Bitcoin holdings suddenly surge
Stimulated by a sudden surge in open positions, Bitcoin prices once again broke the $31000 mark. Open positions (representing the total number of unsettled futures contracts) surged by over $300 million in just two hours.
Market analysts attribute the drastic price fluctuations to market repression. This theory suggests that the longer and more powerful the price limit, the more explosive the reaction becomes when it ultimately breaks through.
Bitcoin fell on Friday as the U.S. Securities and Exchange Commission (SEC) found that several initial ETF filing documents were incomplete. However, the Chicago Board of Options immediately resubmitted the form later that evening. Despite concerns about potential negative news affecting the market, AmbireWallet CEO Ivo Georgiev believes that the momentum of Bitcoin prices reaching $40000 should be relatively easy to achieve.
Investment company CoinShares reported on Monday that institutional investors continued to invest in digital asset products, injecting a total of $125 million last week. The company further pointed out that most of these investments are concentrated in Bitcoin.
Considering the current mood, Bitcoin may soon reach the $40000 mark. Katie Stockton, founder and executive partner of Fairlead Strategies, predicts that Bitcoin may rise from its current trading price to $36000. Despite a slight increase in Bitcoin over the past week, CNBC's "SquawkBox" still made this bold prediction.
Can Bitcoin prices break through upcoming obstacles?
The trading price of Bitcoin is still close to the important resistance level of $31000, indicating that investors are not in a hurry to achieve profits as they expect Bitcoin to rise further. As of the time of writing this article, the BTC price traded at $31032, soaring by over 1.8% in the past 24 hours.
Usually, tight consolidation near key resistance levels often leads to upward breakthroughs. The rising 20 day moving average of the index is at $30647, and the Relative strength index (RSI) is in a positive region, indicating that Bitcoin is expected to continue its upward trend.
If bulls try to push and maintain prices above $31000, then BTC prices are likely to initiate the next stage of upward trend. The bullish momentum may push prices above the direct resistance level of $32400. If this happens, the currency pair may continue to rise to $40000.
In order for bears to regain control, they need to lower prices and maintain them below the 20-day moving average. This may cause the price to slide towards the support level of $295000.
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