Bitcoin Price Rising: Can Bulls Sustain This Momentum? – Blockonomi

The Bitcoin price jumped sharply higher this week as rumors circulated that the SEC may finally approve a spot Bitcoin exchange-traded fund (ETF). The largest cryptocurrency climbed over 10% in early trading, fueled by speculation that an ETF by iShares may get the green light.

This rapid surge allowed Bitcoin to break through a key resistance level that had been suppressing upward momentum for the past three months. The breakout has BTC poised for a potential move to test the psychological $32,000 zone if bulls can maintain control.

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  • The Bitcoin price jumped over 10% fueled by fake rumors of SEC approval of a spot Bitcoin ETF by iShares. This broke a resistance level that had suppressed upward momentum for 95 days.
  • The bullish breakout sets the Bitcoin price up for a potential 13.5% upswing to test the $32,000 level if momentum is sustained.
  • The Bitcoin Fear & Greed Index was at 47%, indicating neutral sentiment before the breakout.
  • Trading volume spiked to $24 billion, a 373% increase, as the ETF news spread.
  • The lack of official SEC confirmation has led to failure to sustain above $30,000 so far. Price reverted lower after initial spike.
  • If bulls can maintain position above the broken resistance, upside could continue. Otherwise, a pullback is likely which could extend the ongoing correction.

Prior to the breakout, sentiment was neutral in the market according to the crypto Fear and Greed index, which sat at 47. However, trading volumes spiked over 373% to $24 billion as news of the possible ETF approval spread across the crypto space.

The lack of official confirmation from the SEC has led to some uncertainty on whether bulls can sustain momentum. After initially spiking as high as $30,127, Bitcoin retreated lower and printed a long bullish rejection candle on the daily chart.

This suggests the speculative rally may fail to stick if buyers cannot maintain the price above the now broken resistance turned support. In that scenario, a pullback is likely which could lead to a retest of the $25,000 level that has served as a psychological support floor.

To sustain the upside breakout, bulls need to hold the previous resistance zone to confirm it as a new support foundation. That would enable the uptrend to continue, with the next major target at $32,000 if positive momentum returns.

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Looking at technical indicators, the sharp surge has turned the daily moving averages into support while the RSI has risen above 60% to reflect growing upside momentum. This shift indicates the short-term trend may be reversing to favor bulls.

However, the monthly view is still in a downtrend, and previous rallies have repeatedly failed after similar surges faded. So traders should watch for signs of weakness if Bitcoin starts facing selling pressure around resistance zones.

Overall, the ETF-fueled breakout has improved the BTC market structure. But bulls face an uphill battle to flip the script and maintain a sustained recovery in the absence of confirmation from regulators. Unless buyers remain in control, odds remain that the relief rally could run out of steam.

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Author: Oliver Dale

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