Bitcoin Is Waiting For The Next Bull Run At $35,500

Key Points:

• Bitcoin maintains solid upward momentum, with the price zone above $30,000 being sustained for over two weeks.
• Despite a drop below $31,000 after the release of the FOMC meeting minutes, demand for Bitcoin futures from institutional and professional investors remains strong.
• BTC’s price is looking to break the $31,200 resistance level, with a potential target of $35,500 on the weekly chart.

Bitcoin (BTC) is creating a solid upward momentum when the $30,000 price zone has been maintained for more than 2 weeks.

Earlier, the Bitcoin price saw a substantial increase in selling pressure in the wake of the minutes of the United States Federal Open Market Committee (FOMC) meeting in June.

While BTC has dropped below the $31,000 mark, the growth in demand for Bitcoin futures from institutional and professional investors remains, implying a price squeeze for the flagship decentralized finance (DeFi) commodity is possible.

The second Bitcoin halving will take place in May 2024. A bull run is possible if the qualities identified during prior halving occurrences are maintained.

The largest cryptocurrency is up 1.4% to $31,200 on Friday, while the second-largest crypto, Ethereum, has, in the last 24 hours, increased 0.75% to trade at $1,945. This can be said to be a step to create momentum for the upcoming rally of the coins with the largest market capitalization.

Bitcoin price is securely above the immediate support level of $30,500, with a much stronger support level of $30,000 predicted. BTC soared in June, regaining resistance above $31,000, boosted by various filings by businesses seeking to launch a spot Bitcoin ETF.

Looking at the daily chart, BTC’s price is looking to break its $31,200 resistance and move towards a further area. This is evident in the candlesticks retreating and trading higher each day.

More broadly, on the weekly chart, the price area where BTC could place its outlook is at $35,500, which is also its Fib %38.2 level since the drop early last year.

The time is now quite favorable for investors to consider as the BTC price zone breaks above $32,000 and retracements in the near term. Waiting will limit the risk and it is safer to buy at the current resistance level.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.