• Bitcoin Price Breaks $29K – Will BTC Surge Above $30K In Next 24 Hours?
• According to analyst Crypto World on YouTube, the bullish trend for Bitcoin is not yet confirmed.
• The analyst said that we’re likely to go towards this price target, which is set at about $28.4k if Bitcoin sees a break above $27.8k.
Bitcoin Price Breaks $29K
Bitcoin reached highs around $29,000 on Wednesday morning as shares of First Republic Bank fell 50%, raising concerns about a fresh banking crisis in the United States. According to analyst Crypto World on YouTube, however, the bullish trend for Bitcoin has not yet been confirmed. At the time of writing, Bitcoin is slightly trading above the $29k level.
Resistance Levels for BTC
Crypto World noted that over the last one and a half weeks, Bitcoin has seen short-term bearish momentum, and highlighted that there is an area of resistance on the daily time frame between $28,000 and $29,500. If Bitcoin sees a break above $27.8k it may reach a price target of around $28.4k according to Crypto World’s analysis.
The market is currently in a larger bullish trend according to Crypto World’s analysis and they said they are leaning more bullish than bearish on smaller time frames due to multiple bullish confirmation signals such as funding rates across most exchanges for most coins being negative at this time.
Overall it appears that while it is too soon to confirm whether or not there will be significant upside for Bitcoin in the near future after its current break above 29k USD mark, analysts are cautiously optimistic about potential future gains based off of technical indicators such as resistance levels and funding rates across exchanges for most coins being negative at this time.
It looks like investors should keep an eye out on how these technical indicators continue to develop over time in order to best gauge when would be an optimal entry point into investing in cryptocurrencies such as Bitcoin or other digital assets like Ethereum and Litecoin during this period of growth in cryptocurrency markets globally.