Bitcoin Ready to Break Chains and Reach $36,000
Bitcoin has been consolidating for the past two weeks and is now poised to break free and reach a price level of $36,000 and above. This consolidation period has seen Bitcoin steadily moving upwards, devouring resistances along the way.
First Huge Step on the Journey
The $36,000 price level is significant as it marks the first major fibonacci step towards Bitcoin’s journey back to its all-time high. Reclaiming and holding above the 0.382 fibonacci level will pave the way for the next major steps at $48,500, $57,500, and just below $70,000.
This journey has already begun since the start of this year when Bitcoin emerged from the bear market. It is currently in a flag or wedge pattern, utilizing a long-term upward trend line as support.
USDT Dominance Collapse
The decline in USDT dominance has also played a role in boosting the Bitcoin price. USDT dominance has broken through a trend line dating back to November 2021 and is now finding support at 6.44%. A further loss of this support could lead to higher prices for Bitcoin and the wider cryptocurrency market.
Source: Trading View
Hot Take: Bitcoin Continues Its Ascension
Bitcoin’s consolidation phase has positioned it for a potential breakthrough towards $36,000 and beyond. With resistances being overcome and USDT dominance declining, Bitcoin’s upward journey shows no signs of slowing down. Reclaiming key fibonacci levels will pave the way for even higher price targets. As Bitcoin continues to rise, it solidifies its position as the leading cryptocurrency and sets the stage for a potentially bullish market.
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