A few days ago I posted about how bitcoin looked like it wanted to break out.
In that post I discussed the two potential breakouts. One of which was just getting out of the tight consolidation it had been in for two week. That range was the high 27s to the low 29s.
Well, we got that first breakout with bitcoin now above 30K and eyes are on the next longer term resistance, which tops out near 32k.
Bitcoin Bringing Some Excitement
Looking at the chart above you can see to the left all the price action around the 32k level back in May and June of 2022. After crashing through 30K, price came up and tested that level several times before having its next big sell off.
That price level was war and to think it won't come into play again is a bit silly. We shall see what happens.
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It's interesting to see Bitcoin move and break out of its tight consolidation. The fact that it is now above 30K is a good sign, and it will be interesting to see if it can break through the next longer-term resistance at around 32k. From the chart, it's clear that the 32k level was important in May and June of 2022, and it will be interesting to see if it comes into play again. I think Bitcoin will keep getting more interesting in the days and weeks to come.
32K is a key level for sure
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I think Bull run started and bearish market is officially over
Analyst/YouTuber Benjamin Cowen argues that crypto prices will fall and we should have to wait until the end of the year for the bull season. He bases this claim on the price action of 2019, another year of exit from the bear market.
On the other hand, Heraclitus said: "No man ever steps in the same river twice, for it's not the same river, and he's not the same man." I agree with Heraclitus.
Good point! I will say, I'm still a bit skeptical of this move but am rooting for it to continue
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So true with the latter.
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