Bitcoin Price Analysis: This Level Will Determine if BTC Price Will Hit ATH this Bullish Season
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With traditional banking in disarray and some investors turning to digital assets, Bitcoin hovered near nine-month highs on Monday and finished the week with its best performance in four years. It increased 26% last week and has increased more than 35% in the past ten days. The global banking crisis, which started with the failure of Silicon Valley Bank has now gripped the market.
Bitcoin may be just one resistance level away from setting a new record high, according to analyst and trader DonAlt. In a new strategy session, the analyst said that the king coin looked strong on the monthly chart after it recently broke the $24,000 resistance level. He went on and claimed that it was BTC’s first significant bullish sign since November 2021, when BTC reached its record high of $69,000.
The trader said that it has been ‘very very long’ since Bitcoin looked this nice on the charts. However, the DonAlt also said that since the monthly’s all-time high, there hasn’t been any bullishness. He added that technically, the first bullish signal will be sent if this monthly closes above resistance, which is currently at roughly $24,000.
Is $35k the Ultimatum for BTC?
He said that the monthly signs typically last for more than one or two candles. According to the trader, the level of $35,000 represents resistance and if that level is broken, he advises traders not to sell their holdings before a new ATH.
DonAlt also claimed that he sees a scenario where Bitcoin might surge near $33,000 before correcting to $27,000 to prepare for an attempt to overcome resistance at $35,000.
“Stuff like that happens all the time. When you get a rejection just before a big level on a high timeframe and then you have a weak pullback or two weeks into just another push into that monthly resistance, and then it actually shows whether it wants to go up or not.”
Filed under: Bitcoin - @ March 20, 2023 10:08 am