In the times when the Bitcoin bear market is speculated to have officially ended, the price fails to display a giant price action. Meanwhile, the price continues to sustain above the gained levels, flashing the possibility of climbing beyond the major resistance in a short while from now. Therefore, with the potential to breach the $30,000 threshold in the near future, can Bitcoin’s (BTC) price surge beyond the interim resistance at $29,000 this week?
The BTC price volatility has slashed massively as the star crypto seems to be waiting for a fresh catalyst to kick off a notable rally. The crypto has been consolidating at the support level for a long time, and if it runs to levels around $28,500, a higher test may be triggered. Further, if the BTC price continues to test the crucial levels between $28,600 and $29,000, a giant price action may trigger a breakout.
Therefore, one of the popular analysts, Michael van de Poppe, believes a breakout from these levels may not only trigger a major upswing beyond $30,000 but also trigger the majority of the altcoins to undergo a breakout.
“Bitcoin still holding the lower area of support, and still following the path.
Everyone wants to long $25K, but I think we won’t be getting it.
No clear bearish divergances either on higher timeframes.
Retest of $28.6K & most likely breakout to $30K”
With all the things happening in the world, like CBDC’s coming, which may limit entire privacy even more. Besides, banks are falling apart, which may keep up the bullish momentum of Bitcoin and the entire cryptosystem significantly high. Therefore, the levels between $28,500 and $29,000 can be considered pretty crucial, as the trend may change within no time and remain elevated for a longer time ahead.
Source: https://coinpedia.org/price-analysis/bitcoin-hovering-around-28000-will-btc-price-cross-crucial-resistance-at-29000/