The queen of cryptos is seeing a major rally on Monday, which has reignited excitement among hodlers. However, this increase also raises questions. Is bitcoin (BTC) still bullish?
Bitcoin (BTC) hits $30,000 mark
The leading crypto by market capitalization continues to rise after the rebound since March 10. It hits $30,000 after spending three weeks below that level. This is great news for bitcoin (BTC) hodlers as the price had not reached this level since June 2022. Then, this rise also allowed to close in the green the long position proposed during the exchange. April 7 analysis. The bulls continue to push bitcoin (BTC), allowing it to break out of the $29,000 and $26,500 range. We also see that the 14-day RSI has also climbed into overbought territory.
However, although bitcoin (BTC) continues to show strong bullish momentum, there are still many hurdles to overcome. Among these resistances, we can note the level around $31,850, which lines up with the Fibonacci level of 50% of the range of 2022. This obstacle is therefore important and a collapse is always possible. Additionally, there is an RSI divergence on the daily scale, which is a bearish signal.
What to expect ?
It could be that the price continues to rise to $31,850. This is the 50% fib level of the 2022 range. Then, it should be noted that nearly $47 million of short positions, and $6 million of long positions have been liquidated, according to data from Coinglass. Thus, a rise in bitcoin (BTC) is still possible this week. If the price hits this hurdle today (Tuesday), a weekly close in the red could be expected.
In this case, bitcoin (BTC) always remains bullish as long as no change in structure is confirmed. Thus, a long position towards $31,850 seems the most adequate. If the price breaks through the $26,500 support, a correction below $23,000 could be expected, before a major trend change.
Admission: $29,315;
Stop: $28,500;
Goal: $31,850.
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