The post Bitcoin’s Price Reversal Sparks Bullish Frenzy: Is This The Start Of A Fresh Rally?  appeared first on Coinpedia Fintech News

After weeks of bearish technical moves, the Bitcoin price closed last week in an indecisive manner, rekindling the bullish outlook. While the bears still linger, the recent rebound has injected renewed hope. Additionally, the United States debt ceiling solution and the correlation between Bitcoin and the US dollar index have contributed to positive sentiment in the crypto market.

Bitcoin Price Resurgence

Popular crypto analyst Michael van de Poppe had previously highlighted that Bitcoin price is likely to drop as much as $25k to get more liquidity for a higher high. Having played out as predicted, the analyst noted that the next likely play could be a rally to $34k

The analyst insisted that intermediate resistance levels will play a crucial role in the rally toward $34k.

“Looking for swing longs at the $27,300-27,500 area from here towards $30,000 and, most likely $32,500-34,000,” Poppe noted 

Crypto Banter’s Analysis

The Crypto Banter YouTube channel, boasting more than 632k subscribers, shared similar sentiments and insisted that the bulls have higher grounds in the near term. Kyledoops from Crypto Banter argued that Bitcoin’s dominance is on the verge of rallying further in the coming weeks based on his technical standpoint.

Also Read: Why Bitcoin Price is Up Today? Here Are the Top 3 Reasons – Coinpedia Fintech News

“The Bitcoin price soared over 10 percent from bottom to top in recent days. The high timeframe structure has shifted, and bulls seem to have saved the day with a final attempt. Bitcoin could be entering the rapid markup phase and traders will need to react very quickly in order to participate…,” Kyledoops noted.

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Filed under: Bitcoin - @ May 29, 2023 2:16 pm