Bitcoin Bulls Gear Up To Test $31,000 Resistance As Market Optimism Grows
Bitcoin (BTC) has experienced a significant surge of over 10% in the last few days, leaving BTC bulls in euphoria. The largest cryptocurrency in the market has again become the center of attention, with investors expecting more upside movements soon.
However, BTC recently stopped its uptrend and presented a minor pullback below the $30,000 level. For the cryptocurrency to expect future growth and continuous breach of higher levels to mark new annual highs, it must consolidate above this mark.
Bitcoin Nears Liquidation Levels Of Short Sellers
The Wolf of Few Streets, a popular cryptocurrency trader, has recently shared his insights on the current state of the Bitcoin market.
According to him, the resistance level for Bitcoin is currently at $31,000, and the bulls are expected to test it soon. Additionally, the main liquidation levels of short sellers are at $31,500 and $32,000, and BTC is just slightly away from reaching them.
Despite the recent volatility in the cryptocurrency market, The Wolf of Few Streets remains optimistic about Bitcoin’s future. He notes fundamental positivity in the market, with institutional investors showing an increased interest in the digital asset.
However, The Wolf of Few Streets also cautions that a minor correction may happen after BTC touches one of these resistance levels. He advises investors to be cautious and closely monitor the market for potential changes.
Overall, The Wolf of Few Streets’ insights suggests that the Bitcoin market is currently in flux, with bullish investors hoping for further growth and short sellers waiting for the right moment to sell.
It remains to be seen whether BTC will be trapped in the $29,000 and $30,000 range for a while before attempting to breach higher resistances.
BTC’s 200-Week MA/EMA Support Holds Steady
Bitcoin has been experiencing a surge in price recently, with the cryptocurrency market showing renewed interest in the digital asset.
Market analysts such as Michael Van de Poppe have noted that this surge is likely the first real impulse in this cycle, indicating that Bitcoin may enter a new growth phase.
Van de Poppe has also noted that the 200-Week Moving Average (MA) and Exponential Moving Average (EMA) have supported Bitcoin’s price, indicating that the digital asset may be on a steady upward trajectory.
The market sentiment is positive, and institutional investors have shown increased interest in Bitcoin, a positive sign for its future growth.
However, Van de Poppe also cautions that a correction may be on the horizon after BTC reaches the $38,000-$42,000 range.
As of this writing, BTC is trading at $29,800, down by a slight 0.3% in the last 24 hours.
Featured image from Unsplash, chart from TradingView.com
