It is very evident that the bulls are continuing to exert their influence as Bitcoin’s surge continues. The on-chain signals for the king cryptocurrency reveal that the overall sentiment is optimistic.
At the time of this writing, Bitcoin price is equivalent to $23,035, an increase of 9.3% over the course of the previous 24 hours and 16% over the course of the previous seven days.
Although Bitcoin is getting closer and closer to recovering its 200-week moving average, investors and traders are still very wary of the bullish BTC price movement.
Is Bitcoin Aiming for $30k?
This level of resistance is formed by the intersection of the horizontal hurdle located at $23,384 and the 200-week Simple Moving Average (SMA), which is located at $24,645. The price of bitcoin has not fallen below this SMA since June 2022, with the exception of a short period in March 2020.
The bulls are probably going to go for this hurdle as their next objective. If the price of Bitcoin is able to overcome this juxtaposition, namely by transforming $24,645 into a support floor on a weekly timeline, then the route will be clear for it to attempt to break the $30,000 threshold.
The bullish action seems to be unshakeable; nevertheless, a rejection at the aforementioned 200-week simple moving average located at $24,645 would be an important indicator for a bearish outlook. In the event that the support level of $19,301 is breached, this will serve as an additional confirmation of the bears taking over.
But like I said, the bulls seem unwavering right now. Signals are pretty strong and all technicals point to Bitcoin breaking bullish. This could very well be the end of that prolonged bear market. It might tumble a little, as it tends to, but I genuinely believe the worst is over.
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