Bitcoin has been struggling to break through resistance levels and regain territory above $31,000. This has left many investors cautious about the cryptocurrency’s short-term prospects. Analysts suggest that a pullback may be in order, especially since Bitcoin’s recent price action resembles the April swing high. If the current breakdown is sustained, a pullback into the $28,000 area could be likely. However, a sustained break above $31,000 would indicate that bulls are still in control and could lead to further gains. The key level to watch is the $30,000 line, as long as bulls can maintain this support, the uptrend in Bitcoin is expected to continue. On the other hand, if Bitcoin falls below the $29,500 support level, a further decline towards $27,300 could be possible. Despite the potential risks, positive news about Fidelity and Blackrock’s Spot Exchange-Traded Funds (ETF) applications could further boost Bitcoin’s price and potentially lead to new yearly highs. Currently, Bitcoin is trading at $30,600 with a modest increase of 1.4% over the past 24 hours.
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