Bitcoin (BTC) has resumed its price rally after a brief pause, reaching new highs above $35,000 for the first time in 2023. Traders are showing signs of euphoria and optimism due to the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the US. This has led to increased accumulation of Bitcoin as traders anticipate another breakout above $35,000.
Two factors are expected to contribute to the next bull run: the approval of a BTC spot ETF and the halving event in April 2023. The upcoming halving will reduce the supply of BTC as miner rewards are slashed, while demand is expected to rise. As a result, Bitcoin’s price is predicted to rally and reach a new all-time high.
Traders are eagerly accumulating BTC as they book positions ahead of the bull market. Over the past 30 days, holders have absorbed 103,000 Bitcoin, including miners and exchanges. This extreme accumulation indicates confidence in Bitcoin’s future price performance.
The next test for Bitcoin’s rally is breaking through the resistance at $35,000. The Relative Strength Index (RSI) shows a persistent uptrend despite overbought conditions, indicating bullish momentum. Two consecutive golden cross patterns further reinforce the bullish outlook for Bitcoin’s price.
If Bitcoin can close the week above $38,000, it will bring the psychological resistance level of $40,000 within reach. In case of a correction, investors are prepared to buy Bitcoin as it retests support at $31,500. Declines below $30,000 seem unlikely with discussions around a BTC spot ETF gaining momentum and fueling FOMO.
In conclusion, Bitcoin’s price rally is back on track and traders are optimistic about further gains. The potential approval of a BTC spot ETF and the upcoming halving event contribute to this positive sentiment. Investors are accumulating BTC in anticipation of a bull market. Breaking through the resistance at $35,000 will lead to more buying pressure and bring the $40,000 resistance level within reach.
[Author Bio: John is a crypto expert with extensive experience in analyzing price trends and making market forecasts. He keeps his audience informed about the ever-changing crypto market.]
By
By
By
By
By
By