George23 on Nostr: Bitcoin continues to surprise: It once again broke this year's high The almost 100% ...
Bitcoin continues to surprise: It once again broke this year's high
The almost 100% increase in the price of Bitcoin that we had the opportunity to observe in the first and second quarters of this year gave many high hopes for another bullrun. At the end of March, however, the inevitable correction came and optimism waned. Another recovery came in May, and on July 6, Bitcoin reached its new 2023 high of $31,500. In combination with several indicators and the approaching halving, this may signal the start of a new growing trend. Cointelegraph newspaper described the situation.
Price growth anyway
The price shot to a new high this year, it came just a few hours after BlackRock CEO Larry Fink called Bitcoin an "international asset" and praised its multiple benefits in a live broadcast. This week, the news that we told you about resonated around the world when the largest global asset manager, BlackRock, filed an application with the SEC to recognize a spot bitcoin ETF, which, if approved, could set a huge precedent for the entire world.
Almost immediately after the request from BlackRock, the giant Fidelity, which first requested a spot ETF back in 2021, also renewed its request. These two important fundamentals have revived investors' hopes for an early market recovery, and it almost does not matter whether we will experience another correction, maybe even to 28,000 or Bitcoin will form its bull run. The sentiment is clearly positive, and in the event of a decline, investors will try to trade with the "buy the dip" system.
“Bitcoin struggles to hold above 2-year EMA; historically, when that happens, it's a bullish sign,” the PlanC analyst wrote.
Another bitcoin meta at $35,000
According to several analysts, the next growth in the price of bitcoin may stop at $35,000, as this area represents a very strong resistance. Placement of limit sell orders on this target is spreading among traders.
"The 33-35k level is where we see wedge resistance as well as the MACD hitting the 3-year triangle resistance," analysts at trading firm QCP report.
Although at the time of writing Bitcoin experienced a short-term dip below $30,000 following negative news from the US labor market, bullish sentiment remains and traders will focus on the mentioned price levels between $30,000 and $40,000.
The almost 100% increase in the price of Bitcoin that we had the opportunity to observe in the first and second quarters of this year gave many high hopes for another bullrun. At the end of March, however, the inevitable correction came and optimism waned. Another recovery came in May, and on July 6, Bitcoin reached its new 2023 high of $31,500. In combination with several indicators and the approaching halving, this may signal the start of a new growing trend. Cointelegraph newspaper described the situation.
Price growth anyway
The price shot to a new high this year, it came just a few hours after BlackRock CEO Larry Fink called Bitcoin an "international asset" and praised its multiple benefits in a live broadcast. This week, the news that we told you about resonated around the world when the largest global asset manager, BlackRock, filed an application with the SEC to recognize a spot bitcoin ETF, which, if approved, could set a huge precedent for the entire world.
Almost immediately after the request from BlackRock, the giant Fidelity, which first requested a spot ETF back in 2021, also renewed its request. These two important fundamentals have revived investors' hopes for an early market recovery, and it almost does not matter whether we will experience another correction, maybe even to 28,000 or Bitcoin will form its bull run. The sentiment is clearly positive, and in the event of a decline, investors will try to trade with the "buy the dip" system.
“Bitcoin struggles to hold above 2-year EMA; historically, when that happens, it's a bullish sign,” the PlanC analyst wrote.
Another bitcoin meta at $35,000
According to several analysts, the next growth in the price of bitcoin may stop at $35,000, as this area represents a very strong resistance. Placement of limit sell orders on this target is spreading among traders.
"The 33-35k level is where we see wedge resistance as well as the MACD hitting the 3-year triangle resistance," analysts at trading firm QCP report.
Although at the time of writing Bitcoin experienced a short-term dip below $30,000 following negative news from the US labor market, bullish sentiment remains and traders will focus on the mentioned price levels between $30,000 and $40,000.