Bitcoin Boosts Bull Market Expectations. Bitcoin (BTC) Price Analysis

The dominance of buying transactions continues in Bitcoin (BTC), which has been priced above $ 30,000 for about a week. Bitcoin, which has clearly tested below $30,000 only once in the last week, dropped to $29,550, but quickly rose back to above $30,000.

It also dropped to $29,930 momentarily twice yesterday, but quickly rebounded above $30,000. Around $30,000, the demand for Bitcoin is increasing, while below $30,000, the demand for buying increases dramatically. The fact that it is holding on to $30,000 so strongly increases the bull market expectations in the markets.

Bitcoin Hourly Chart

Bitcoin is currently trading around $30,567. Considering the hourly chart, it seems clear that buyers increase as Bitcoin approaches $30,000 and sellers increase as Bitcoin approaches $31,000. But it is noteworthy that around $30,000, especially below, buyers have increased significantly. Bitcoin tested above $31,000 on June 23 but failed, but if buyers can maintain their positions, I think it will retest above $31,000 in the coming days, and if successful, it can move higher. If it breaks the $31,000 resistance and stays above it, I think this will increase the bull market expectations even more.

Bitcoin Daily Chart

If it can break the $31,000 resistance and clear the sell orders above it, Bitcoin could accelerate its rise and move towards $32,000, and I think there could be a breakout at $32,400. There is the main resistance at $32,400 and if it breaks $32,400 I think it will trigger a bull market. The fact that Bitcoin reaches $ 32,400 means that it will reach its highest price since June 2022, which I think will excite buyers even more and increase their buying demands significantly.

In short, I think that Bitcoin's break of $ 32,400 will increase the bull market expectations even more and this may trigger the bull market.

In which direction do you think Bitcoin price will move? And do you think the bull market is approaching?

This is not investment advice, it is difficult or even impossible to know which direction prices will move in the short term. I am only stating my guess based on current data. You should do your own research before investing.

Posted Using LeoFinance Alpha