Topic: Bitcoin breaking out of 2 month downtrend - page 3. (Read 424 times)

Can you give me the link to those new exchanges? I have not heard about this news. Yes, there have been a lot of ETFs in the week since Binance and the SEC reached an agreement. But I just found another piece of information that a large amount of bitcoin has been bought, and that is believed to be the leading cause of today's price increase, not ETF news. ETF news is nothing new to us, so I don't think it has a significant impact on the market.
But after all, this news won't prolong bitcoin's rally, I don't think bitcoin will be able to move higher in the coming days, we will be more careful.

first time that it takes 29k again from that date april 14th so indeed that this might be a good sign of us to see green longer again.
5 weeks is really long to see how we maintain that low position 25-27k at least now there is a light again?
I think Bitcoin can , maybe sooner ? or at least early next quarter .

The recovery from the latest drop has been impressive. I can’t believe we’re touching back above $29K so soon after the Binance and Coinbase drama. Feels a lot like the runup to the halving has started. There are a couple speed bumps along the way to get over still, but it’s starting to get exciting thinking about what is quickly approaching.

Votes already shown confidence from the community that will  be there any time soon as we are now nearing to close the second quarter , I think we will be aiming to at least record breaking that April up.
and if that happens then maybe we will be seeing 35k to be the next spotted price .

A lot of development today which caused Bitcoin to gain around $2000 in price. Another Bitcoin etf and also another refiled Bitcoin etf. So far there are 3-4 different etfs in total this week alone.

Also some new crypto exchange went live which is owned by Citadel and Schwab, it was announced in Sept but went live this morning.

These development are the root cause of the strong rally we just had.

There is no logical reason for the recent rise, and therefore it is difficult to break the two resistance levels at $29,000 and $31,000. Therefore, I think that before Sunday, if the price did not succeed in maintaining a level above $31,000, we may return to the $26,000 levels.

Given the trading volumes, everyone will start selling from this point to take profits.


Have you considered that Binance will try to use bitcoin liquidity to stabilize BNB price or at least to make things look stable? The last thing they need now is for their currency to drop a lot with all this regulatory news.

Perhaps, after BNB price stabilized, bitcoin sales stopped, and therefore there was no selling pressure on the price, so the price increased.

I too recently said I was expecting a bit more sideways over the next few months, so that the price would rise a bit later in the year, but with bitcoin you never know. Let's hope that this is the start of a sustained rise and we don't have an upside breakout that takes us back to the $25,000 area.

The summer months are not usually very busy in the stock market, but I remember that in the summer of 2017 there started to be a sustained rise that ended in a bull market at the end of the year. It was not the same point in the cycle as now, so I don't think we will have a bull market before the next halving, but probably nice rises.

Just yesterday everyone was pessimistic about the market and no one thought bitcoin would rise again this June. But it was overnight when bitcoin price went up over $2k and at one point hit $29k, and we're aiming higher. It is true that bitcoin always brings us surprises and as always, bitcoin is never predictable. I'm not good at technical analysis and I don't fully believe in it either. But I predict bitcoin can break through $31k and hit higher targets before correcting again.

The lowest point Bitcoin reached with pressure was 24,700$, but it bounced quickly from this point and broke through 26,000$, then 27000$, and now Bitcoin is at 28700$, Bitcoin easily surpassed all these numbers in a short time.

The scenario now depends on the market's reaction during the upcoming period, where positivity is confirmed or we see some corrections. Although I see the positivity clearly, therefore we can talk about anticipating new heights to 31,000$ in a short period.

Yes, of course, that's possible, I think there's nothing wrong if you always have a positive perspective on the price to make you more motivated in holding your Bitcoin and I voted Yes.

The resistance I think it's pretty normal since after the correction of the price it's expected that there's a spike in the price.

Another reason could be because of BlackRock who filed for a bitcoin exchange-traded fund with the SEC, who else knows about this news recently?

The tension made by Binance fud  has been erase out so maybe there are more people speculating about a recovery after those dump happen when controversy against US Sec spread out. But now since we see the price surprisingly up  maybe we can see a retest for bitcoin to even reach at $30k so let see if we can see more than this and reach that $31k since provably it could start a hype which bring good atmosphere on crypto space.

I was mildly surprised when I checked the price today and say it jump by almost $2k. Of course in Bitcoin it's a normal occurrence, but this recovery feels quite quick, I suspected that the $26k range will last for a lot longer. But I wouldn't be surprised by more gains, because everyone expects a bull run in next year after the halvening, so it would be logical to start accumulating now, which could be causing these price spikes when some big buyers do it. But then the price is knocked down a bit by short-term speculators who take their short-term profits.

I'd say it's possible - but I would slightly imagine that $30k will be the closing price this June.
It would be sad if traders had to panic sell their bitcoins right after the price showed a recovery - but that's up to them especially if they are making short term profits.

The $31k resistance remains strong should bitcoin not break $30k in June. But wait - we still have more than a week left before the month-end close. I'll wait until I reach $30k, and I think the fundamentals are still pretty good.

in my opinion this price recovery has a reason, and the reason is probably related to this:

BlackRock applies for spot Bitcoin ETF — a US first if approved


We are back to the old story in which the SEC keeps postponing, postponing, postponing, postponing and in the end rejects it. but as this is a company with a lot of money and a few days ago I saw a lot of comments on the youtube channels in which people showed a lot of optimism with this news and that they would buy a lot because in case of approval the price will go up a lot and next year in April we have the Bitcoin halving so buy now is a good opportunity that a lot of people are seeing but people in a few weeks will realize that approval is something that will take a long time

many people still do not know the past in which the SEC was postponing and rejecting these bitcoin ETFs, that's why these new people are deluding themselves and buying a lot, because they think that everything will be approved very quickly, anyway I would only see it with optimism if the price reaches 32000$ and stays above this price for a long time, while it is below 32000$ there will still be a great chance that the price will drop a lot and with the global financial crisis, being optimistic at that time is not something very realistic and technical analysis is not it has worked very well in this cryptocurrency market in my opinion

I dunno, there's a lot of doubt about that. Anyway we've had a lot of positives lately supporting more push to test the resistance you mentioned, but I believe the possibility of failure also cannot be discounted. If that resistance is not broken then a correction could ensue, but not any lower below $27k.

Really, I should be pretty happy with the little pump today, my spirits are up again. Keep holding.

Being optimistic right now makes sense, but personally I prefer not to be too optimistic. Ie not hoping for re-testing $30K or $31K within the next 10 days, as a fast move from $25k to $30K would likely create a pull-back towards $27K by the end of the month, creating an indecisive monthly candle. Whereas if prices where to hold steady for the next 10 days then it would be a much more bullish monthly candle.


Personally I get the impression that most who wanted to take profits, or get out of positions, did so previously around $30K resistance level. But hey, that's just opinion anyway.

If bitcoin rise again it is not from this month again but it might be feom next month. This month bitcoin price will be in between $26k/27k . And from next month it might have some indications to climb the ladder. And not really from next month the ladder will be climbed but towards the ending of the year that will be when the signal of bull will manifest for everyone to see. I have sent different predictions here but I don't think the $31k will come to pass in the next months but it will go up to sustain the market.

Sometime last week when BTC was at 26k, From my analysis, I called out that BTC should be getting a bounce at $24.5k, and if BTC failed to do so that $15k would be the next target, and exactly Bitcoin bounced from the zone, therefore having Bitcoin met my price
expectations and having got a bounce from that support, I strongly believe that Bitcoin is heading up from here to create new highs.

Maybe it's time to be optimistic about something different than before when the optimism of traders and investors has increased due to some underlying reasons lately. I don't even expect $31k to test, but hope we can see price hold and the month close in that area.

But despite all that, panicked traders and holders eager to take quick profits will certainly have an impact on how the month closes out. But I believe the best closing price to expect later this month is $28k - $29k.

Yes thanks. I always double check my topics but had completely missed that error.


I get the impression that if price will reach $31K within the next 10 days, then the month will still close around $27K or $28K for one of those bullish but indecisive candles, similar to February. That said, if the month did close >$30K that would be very bullish imo. A nice long bullish wick to the downside followed by highest monthly close in over a year...

Already the bullish wick to the downside showing buying pressure below $27K is good enough for me though if it closes in the green, better than testing the highs and returning to the opening price imo.