Bitcoin went on a massive rally fueled by speculation surrounding the approval of spot bitcoin ETFs, which sent the price to a new 18-month high of 35,187. However, the cryptocurrency has traded sideways in the past seven days, with the market reaching new highs of 35,993 today. as the short-term oscillators indicate continued growth, the price could turn towards the previous resistance of 31,827, which was strongly fought in April 2022. This sign could shift attention to the psychological border of 30,000. If it does not stop here, it could would krl kryptomn descend to pection 28,100 points. On the other hand, after the formation of the flag formation, the price broke through the direction of the uptrend and the barrels could sweep to a maximum of 35,993 points. Going forward, the internal swing low of $37,500 recorded in May 2022 could prove to be too good for the price. Any attempts at growth could then stop at around 40,500, which acted as both support and resistance in the first half of 2022. Overall, Bitcoin traded in a range over the past week, but its technical setup warns of a potential upside. Gold’s recent close to between the 50- and 200-day simple moving averages (SMA) has pushed the price deeper into overbought territory.
Author of the link: Tm Instaforex
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