The journey of Bitcoin from $25K to $30K was filled with ups and downs, but the most recent leader of all cryptocurrencies broke its much-awaited resistance of $30K. When writing, BTC was trading at $33,895.41 with an intraday surging momentum of 10.41%.
In the past week, massive buying has been mirrored by Bitcoin’s trading volume and the surging prices also indicate that bulls are favoring the direction of profitability.
In the past 24 hours trading volume of BTC rose over 210% and the market cap spike was approximately 10.61%. In terms of market capitalization, Bitcoin holds the first rank in the entire crypto market and trading volume makes it the second most traded crypto.
After this surprising surge of 19.89% in a week, analysts are now predicting that by the end of 2023, BTC price is expected to break new visible resistance of $35K. The MACD and the signal line are in the bullish territory and the histogram is reflecting an impressive group of bulls.
Similarly, RSI is also favoring the skyrocketing price of Bitcoin and its continuous movement towards the positive region suggests further buying and a surge in price is expected.
In monthly and quarterly time frames, Bitcoin’s price surged over 27% and 16.13% simultaneously. In the 52-week time frame, BTC price peaked at $35,157 and lowest traded at $15,460.
What are the Next Possible Resistances of Bitcoin?
Although $30K was much much-awaited resistance of Bitcoin, it tried several times in the past few months but failed to retest. Most recently an unusual stir in Bitcoin trading price was seen, the prices were surging and the bulls came supporting the price and driving it to higher levels.
After retesting $30K, analysts now believe that Bitcoin is aiming to retest its next possible resistance of $35K and probably next resistance of $40K. The momentum in BTC price has favored the entire crypto excluding some specified crypto tokens.
Compared to the previous day, the entire crypto market capitalization significantly surged by more than 7%, and when writing, it was $1.25 Trillion. MINA became the topper in the weekly gainers list as its price rose over 95%, followed by Injective with a surge of 42.36% and Bitcoin SV with 37.77%.
The weekly loser list consists of tokens and coins like Huobi Token, Klaytn, Frax Share, KuCoin Token, PAX Gold, Tether Gold, and others in the queue.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/25/bitcoin-now-aiming-to-break-35k-will-it-get-success/