After starting the year trading below the $20,000 zone, BTC has had an interesting journey over the last few months.
After rising from its slump at the beginning of the year, the flagship cryptocurrency rallied through several important price levels and ended up stuck below the psychological resistance of around $30,000 from late March until early April.
Now, it seems that the BTC bulls have finally taken action, and have managed to push the cryptocurrency into a breakout of the $28,000 zone and towards the $30,000 mark.
According to CoinMarketCap, Bitcoin's performance is impressive over the last day, and over the last 7 days.
The snapshot above shows that BTC is up by 6.24% over the last 24 hours, and by 6.3% over the last 7 days.
This shows that the better part of Bitcoin's impressive 7-day performance only happened over the last 24 hours.
By this, it becomes important to ask: Is Bitcoin's impressive performance and breakout from $30,000 a clear breakout, or is it merely the start of a massive price correction?
From a weekly perspective, BTC seems strong for several reasons. First of all, the cryptocurrency has broken out of the descending trendline that has been present since the cryptocurrency hit its all-time high in November 2021.
The chart above also shows that in January, the weekly RSI on BTC broke through the neutral zone for the first time since March 2022.
This indicates growing dominance on the part of the bulls. And at a glance, it is easy to predict that BTC may be headed for the next fairly strong resistance zone around $33,000 (green line).
At this point, the bears will likely be waiting for the bulls and will attempt to sink the cryptocurrency lower.
Zooming into the daily timeframe, BTC also appears bullish from this perspective. That much is clear from the position of its RSI. At a reading of 71, it is clear that the Bitcoin bulls are in control of the market.
This is without mentioning the cryptocurrency's breakout from a mini-ascending channel that has been active since November 2022.
If BTC closes with a daily candle from this formation, this will validate this line (as well as the $30,000) zone as support.
It is worth mentioning, however, that the $31,800 zone might be a hindrance to Bitcoin's rise to the upside.
And if the cryptocurrency gets rejected at any point from $31,800 and $33,000, a decline to the 20-day simple moving average (red line around $25,800) is assured.
The bullish price targets for Bitcoin at this point, are
If Bitcoin fails to clear any one of these price targets, it will likely decline to
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.