- Bitcoin is in the process of rocketing up towards $32,000, with the cryptocurrency showing some immense signs of strength as bulls target it seeing further upside
- The overnight breakout rally that allowed it to see this explosive move higher came as a shock, with the resistance at $30,000 being sliced through with ease
- The strength of this movement does bode well for bulls, as it indicates that significantly further upside could be imminent in the days and weeks ahead
- One trader is noting that its price looks poised to move higher if it can conduct a support-resistance flip
- This support flip may take place in the near-term, as BTC has since broken above what used to be a key resistance level
Bitcoin and the entire cryptocurrency market show immense signs of strength, with bulls being in full control of the benchmark cryptocurrency’s price action as they target it seeing further upside.
One trader is now noting that where the market trends next will likely depend on whether or not BTC can conduct a clean support-resistance flip of $31,550. It does appear that this has been a success, as it has since rallied past this level.
It is now imperative that bulls ardently guard against any dip below it.
Bitcoin Sets Fresh Highs as Momentum Reaches a Boiling Point
At the time of writing, Bitcoin is trading up just over 10% at its current price of $32,300, with bulls pushing the crypto endlessly higher as it sees an unrelenting price rise.
This momentum isn’t showing any signs of slowing down just yet, but some analysts fear an imminent “blow off top” that could hamper its growth over a mid-term time frame.
BTC has now entered price discovery, which could mean that it will face immense short-term strength that sends it significantly higher.
Analyst: BTC Poised to Explode Higher if Bulls Flip One Level into Support
While speaking about this monumental Bitcoin rally, one trader explained that he is watching for Bitcoin’s previous resistance at $31,550 to turn into support.
“BTC / USD: Gorgeous run this morning, breaking above $30,000 is pretty insane. Checking in on the future fib extensions moving forward, pretty much perfect tap of $31,550. I would likely close out any high leverage scalps at that level until we see S/R flip, spot looking great.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should provide some serious insights into where the entire market will trend next. Bitcoin will likely need to see some consolidation before altcoins can gain any momentum.
Featured image from Unsplash. Charts from TradingView.
