Bitcoin May Be Well on Its Way to $35k

The Critical Development in Bitcoin: A Potential Uptrend on the Horizon

Bitcoin has been trading flat for the last four weeks, unable to move in any direction after breaking over the 200-week moving average and gaining 26% in a single week. I've thought that the next move would probably be upward, and when we see a breakout, I'm anticipating another significant run-up similar to the one we had four weeks ago.

With today's gains of 2.82% ($798) as of 5:15 EST, we could have achieved our goal. The level that we broke above is crucial, despite the fact that the gains for BTC are fairly modest. We have attempted to maintain this level many times over the last several weeks, but I believe that this time, the fourth attempt will be successful.

Indicating that neither the bulls nor the bears had the upper hand but both were aggressively striving to alter the price in their favor, the previous three weeks have settled as doji candles with almost similar closures and extended wicks reaching to the upside and downward. Even if there haven't been any gains until today, the weeks that have held are still positive since they show a base forming at the higher price point reached in the second week of March.

The gains today seem to be maintained into the close, which is noteworthy and suggests that a fresh rally in BTC is in progress even if today's high is not higher than the highs hit in March.

Removed is the First Long-Term Fibonacci Level

On a long-term perspective, we have broken out above the second significant technical mark, which was the 200-week simple moving average, as we said at the beginning of this post.

We have several technical levels of support and resistance as a result of the retracement from $69K in November 2021 to $15k in November 2022, the first of which is the 23.6% retracement, which occurs at $28,110. We did close just above that level last week, but today is the first time since striking a bottom a few months ago that we have clearly broken out above the first longer-term Fib. level.

The 38.2% retracement, which is located at around $35k–$36k in this data set, is the next level and is the key deciding factor for the next price rally. However, I think the price will quickly increase to roughly $35,000 once we break beyond the $30,000 mark. A break over $30k is imminent as shown by today's violation of the 23.6% retracement. Overall, as we continue to break through important technical levels of support and resistance, the price of bitcoin seems to be ready for another large run-up similar to the one seen four weeks ago.