Crypto Blog
After a gradual uptrend approaching the 100-day and 200-day moving averages, the price has successfully broken above these key indicators, instilling hope and a bullish sentiment in the market.
This surge in momentum generated increased demand, propelling Bitcoin towards the significant resistance region of $30K, which aligns with the cryptocurrency’s yearly high. Nevertheless, the price is approaching a substantial resistance zone at the $30K mark, characterized by a significant supply of Bitcoin. If buyers manage to overpower sellers, a sudden breakout could occur, potentially leading to the liquidation of numerous short positions. Conversely, if sellers dominate buyers, the market may face rejection, potentially resulting in a consolidation phase.
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