It is very evident that the bulls continue to exert their influence as Bitcoin’s surge continues. On-chain signals for the royal cryptocurrency reveal that the general sentiment is bullish.
As of this writing, the price of Bitcoin is equivalent to $23,035, an increase of 9.3% in the previous 24 hours and 16% in the previous seven days.
Although Bitcoin is getting closer and closer to recovering its 200-week moving average, investors and traders are still very wary of the bullish movement in BTC prices.
Is Bitcoin aiming for $30,000?
This resistance level is formed by the intersection of the horizontal hurdle located at $23,384 and the 200-week simple moving average (SMA), which is located at $24,645. Bitcoin price has not fallen below this SMA since June 2022, except for a short period in March 2020.
The bulls are likely to target this hurdle as their next objective. If the price of Bitcoin is able to overcome this juxtaposition, including turning $24,645 into a support floor on a weekly timeline, then the way will be clear for it to attempt to breach the $30,000 threshold.
The bullish action seems unwavering; nonetheless, a rejection at the aforementioned 200-week simple moving average located at $24,645 would be an important indicator for a bearish outlook. In case the $19,301 support level is breached, it will serve as further confirmation of the bears taking control.
But like I said, the bulls seem unwavering right now. The signals are quite strong and all technicals are pointing to a bullish breakout for Bitcoin. This could very well be the end of this prolonged bear market. He might fall a little, as he tends to do, but I sincerely believe that the worst is over.
