Bitcoin explodes above $34,000 – what do analysts say about BTC’s massive rise?
- Bitcoin is about to shoot towards $35,000, with the cryptocurrency showing some immense signs of strength as bulls aim for it to continue higher.
- The overnight breakout rally that enabled this explosive move higher came as a shock, with resistance at $30,000 being broken with ease.
- The strength of this move is a good sign for the bulls, as it suggests that another rise could be in store in the days and weeks ahead.
- One trader notes that price is ready to move higher – if it can complete what is called a support-resistance flip.
- This support flip could happen in the near future, as BTC has now broken out above a key resistance level.
Bitcoin and the entire cryptocurrency market are showing immense signs of strength, with the bulls in full control of the benchmark cryptocurrency’s price action by Pitcoin Profit as they aim for it to continue higher.
One trader is now commenting that the market’s future direction depends on whether or not BTC can execute a clean support-resistance flip of $31,550. It seems that this was a success as it has since risen above this level.
It is imperative that the bulls now guard against a dip below it.
Bitcoin sets new highs – momentum reaches boiling point
At the time of writing, Bitcoin is trading at $33,700, with the bulls pushing the cryptocurrency value incessantly higher.
This momentum shows no signs of slowing down yet, but some analysts fear an impending „blow off top“ that could hamper growth in the medium term.
BTC has now entered price discovery, which could mean that it will face immense strength in the short term that will drive it significantly higher.
Analyst: Bitcoin is poised to explode higher
A trader explains about this monumental Bitcoin rally: he is watching for Bitcoin’s previous resistance at $31,550 to turn into support.
„BTC / USD: glorious run this morning, breaking above $30,000 is pretty crazy. I’m looking at future Fib extensions moving forward, pretty perfect tap of $31,550. I’d probably close any high leverage scalps at this level until we see a S / R flip, spot looks great.“
Image courtesy of Cactus. Source: BTCUSD on TradingView.
The coming days should provide serious insight into where the overall market is headed next. Bitcoin will likely need to see consolidation before altcoins can gain momentum.