Bitcoin has not seen more than 3 consecutive green days since April 2021. But now, the trend has changed as Bitcoin hits $34k and continues the upward trend. The price increase comes after Bitcoin dipped below $30k. Since then, it has seen a continuous rise on the daily chart. Now you might wonder what suddenly changed the market sentiment. This can be attributed to the B-word event where Elon, Jack and Cathie spoke some pretty positive things about Bitcoin and Ethereum.
Bitcoin price analysis
There is a strong resistance between $33,700-$34,300 which needs to be broken by Bitcoin with a strong volume. The price did hit $34,500, but it was not sufficient enough to hold and fell back below $34,300. Once Bitcoin breaks this price level, things will seem easy for a while before hitting $36,000. There are many resistances at this point, and it will be difficult for Bitcoin to cross.
We could see a slight rejection initially at $36,000 before the price testing it again and finally breaking through. In case things stay bullish, on breaking $36,000, we could see a very fast movement towards $40,000 from where on it won’t be time for everyone to get bullish again. One important thing to note is that $40,000-$42,000 has rejected Bitcoin every single time, so this could be a dead cat bounce that’s coming after jumping from the 50 moving weekly average. But things could be different this time as Bitcoin has broken a 7-month downward trend in RSI.
Many analysts also say that the price of Bitcoin could fall to $25k before moving significantly up again. This fall could shake out the last set of weak hands and $28-$30k is still a strong mental support for many HODLERS. It will be interesting to see how many continue to hold if Bitcoin falls below the level.
Altcoins are pumping
With Bitcoin doing great, altcoins are doing better. We can easily expect all good altcoins to continue rising if Bitcoin continues to break resistances and form supports. Ethereum has already been nearing $2,200 while other coins too are seeing anywhere between 5-10% rise every day. A few of them (MATIC, CHR) even saw a 20-30% rise as the bullish sentiment of Bitcoin resumes. Everything will be dependent on how Bitcoin does and if it is able to break the resistance at $36k.
Are you getting bullish too as Bitcoin hits $34k after the B-word event? And could this be the beginning of the next phase of the bull run? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
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