It is very apparent that the bulls continue to exert their influence as Bitcoin’s rise continues. On-chain signals for the king cryptocurrency reveal that the general sentiment is bullish.
At the time of writing, the price of Bitcoin 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 to recapturing its 200-week moving average, investors and traders are still wary of BTC’s bullish price move.
Is Bitcoin targeting $30k?
This resistance level is formed by the intersection of the horizontal hurdle located at $23,384 and the 200-week SMA found at $24,645. The bitcoin price has not fallen below this SMA since June 2022, with the exception of a brief period in March 2020.
The bulls will probably go for this hurdle as their next target. If the Bitcoin price is able to overcome this juxtaposition, i.e. transforming $24,645 into a support floor on a weekly timeline, then the route is clear to attempt to break the $30,000 threshold.
The bullish action appears to be unwavering; however, a rejection of the aforementioned 200-week simple moving average at $24,645 would be an important indicator for a bearish outlook. Should the $19,301 support level be breached, this will serve as further confirmation that the bears are taking over.
But like I said, the bulls seem unshakable right now. The signals are quite strong and all technicals point to Bitcoin turning bullish. This could very well be the end of that prolonged bear market. It may wobble a bit, as it often does, but I honestly believe the worst is over.
This post Bitcoin price surge above $23K! Will the BTC Bull Rally continue in the next week?
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