Bitcoin Surges 2.5% to Reach $29,361
In the last few hours, Bitcoin has experienced a 2.5% increase in price, rising from $28,600 to an intraday high of $29,361. The overall gain for the day is 3.2%, and over the past week, Bitcoin has seen a remarkable 9% increase since it was trading at approximately $26,800.
An analyst known as “CrediBULL Crypto” has declared that “Bitcoin has launched” due to its move above crucial resistance levels.
Next Target: $30K
According to CrediBULL Crypto, $28,600 has now become the starting point for the next upward movement and serves as a new level of support. He warns that if Bitcoin falls below this level, it may violate the local uptrend and result in a pullback. However, until that happens, he advises investors to be prepared for further gains.
Bitcoin Forks Also Experience Gains
Bitcoin Cash (BCH) and Bitcoin SV (BSV), both forks of Bitcoin, have surged by up to 25%. This has led altcoins, which have generally been lagging behind, to follow suit.
Possible Resistance at $30,400
Analyst Mubeeb predicts that Bitcoin’s price is heading towards the liquidity region of $30,400. However, this area has consistently acted as solid resistance throughout the year, with BTC failing to surpass it on multiple occasions. There is also a possibility that Bitcoin may consolidate at its current levels similar to what occurred in July and August.
Hot Take: Bitcoin’s Rally Continues with Resistance Ahead
Bitcoin has shown impressive gains in recent hours, reaching a new intraday high. Analysts believe that the cryptocurrency’s upward movement is a positive sign and may indicate further price increases. However, there are still significant resistance levels to overcome, such as the $30,400 mark. Investors should remain cautious and closely monitor Bitcoin’s performance as it navigates through these obstacles.
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