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Home»Bitcoin»This will follow Bitcoin’s bullish breakout
Bitcoin

This will follow Bitcoin’s bullish breakout

2023-05-30No Comments2 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

Finally, Bitcoin [BTC] caused a bullish breakout above the 2 week formation. After a weekend price pump amid preliminary agreement on the US debt ceiling, BTC secured the $26.2k support and crossed $27k.

The uptrend moment was extended into the last week of May when the king coin climbed above $26k – $27.5k on May 29.

At the time of writing, the price of BTC was $28,000, up 0.32% in the past 24 hours, turning most altcoins green.

Source: Coin360

However, the move to $28,000 has faced severe headwinds before Long term BTC holders tried to lock in profits at this level.

BTC is triggering a bullish breakout

Source: BTC/USDT on TradingView

Between May 11 – May 28, BTC formed a short-term range of $26,000 – $27.5,000. The pullback of the bullish breakout from the range on May 29 retested the range high at $27.5k.

After the pullback retest, the confirmed uptrend has BTC bulls watching for key resistance levels ahead.

One of the resistance levels is $28.5k, a major price ceiling/range high during the late March/early April price consolidation. A $29k or $30k retest could be likely if BTC clears the $28.5k roadblock.

But a break from the high range and the 20-EMA ($27.5k) could push BTC back into the range, derailing the bulls’ efforts. Such a retracement could end in the mid-range $26.8 or low in the $26k range.

The RSI reached overbought territory while the CMF returned to the zero mark, suggesting increased buying pressure but capital inflows into BTC eased.

See also  Bitcoin could follow Facebook's 2012 IPO, according to macro strategist Jim Bianco – here's what he means

Shorts not recommended

Source: Coinglass

Of the $1.56 million liquidated positions, $1.5 million were short positions in the 4-hour time frame. While this paints a near-term bullish outlook, it remains to be seen whether BTC will close above USD 28,000 at the end of May and extend the uptrend moment into June.


Is your wallet green? Check out the BTC Profit Calculator


Recent Glassnode data showed that Bitcoin hit new records regarding new addresses with non-zero positions or more than 0.01 coins.

Notably, addresses with 0.01 coins hit a new ATH (all-time high) of 12,080,129. Likewise, non-zero addresses hit an ATH of 47 million, with just a few months left until the 2024 halving.

Source: Glassnode



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