Over the weekend, Bitcoin maintained its position around the $30,000 mark, as observed from daily candlesticks featuring short bodies and long upper wicks. Buyers had been repeatedly striving to breach this significant psychological price point throughout the week without success. Nevertheless, in the early hours of the morning, they achieved a breakthrough, and as of the current moment, Bitcoin is edging closer to the $31,000 threshold.
According to Coingabbar Price Analysis, Bitcoin has demonstrated significant strength as it surges past the $30,000 resistance level, hinting at the possibility of further advancements towards $31,200. This rebound gathered momentum following a breakout from a monthly resistance on October 16th, propelling the price from $28,000 to its present level of $30,700, representing a substantial 9.5% uptick. If Bitcoin successfully secures a closing price above $32,000, it may pave the way for a potential climb to $40,000 in the foreseeable future.
KEY LEVELS :
RESISTANCE LEVEL : $31,000-$31,500
SUPPORT LEVEL : $30,300-$29,800
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
