Bitcoin Breaks Resistance and Hits New High
Bitcoin has officially entered a bull market after surpassing its previous resistance level at $32,000. The cryptocurrency soared to a new high for the year, reaching $35,000 before settling just below $34,000. This breakout comes as the stock market struggles and the 10-year yield briefly exceeds 5%.
The upward trend that Bitcoin has been following since mid-June of last year has been broken, potentially indicating a further bullish move. Momentum appears to be strong, suggesting that Bitcoin may surge to $40,000 in the near future. The 200-week moving average has been left far behind at around $28,000.
However, caution is advised for investors. While the stars seem to be aligning for a higher price movement, it’s important to remember that there will likely be a pullback at some point. Dollar cost averaging (DCA) may be a more risk-averse strategy for those considering investing now.
Hot Take: Bitcoin’s Bullish Breakout Signals Potential for More Upside
Bitcoin’s recent breakout and new high for the year indicate that the cryptocurrency’s bull market is in full swing. With resistance levels surpassed and momentum on its side, Bitcoin could potentially continue its upward surge to $40,000 or even higher. However, investors should exercise caution and be prepared for a pullback in the future. Implementing strategies like dollar cost averaging can help mitigate risks while still allowing you to take advantage of Bitcoin’s potential gains.
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