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May 22, 2024
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Here’s is When Bitcoin (BTC) Price May Trigger a Violent Breakout Beyond $31,000

The post Here’s is When Bitcoin (BTC) Price May Trigger a Violent Breakout Beyond $31,000 appeared first on Coinpedia Fintech News

With the latest upswing, it would not be wrong to say that the Bitcoin price has surpassed the bearish pressure. The price has soared past $30,000 and has been able to sustain itself despite the bearish actions that continue to prevail within the markets. However, it doesn’t seem that the price may undergo a steep descending trend, and the bears also appear to be preparing hard to drag the prices lower. 

Additional Read: Ethereum Soars Past $2000 While Bitcoin Coinsolidates-Is This the Beginning of the AltSeason?

As seen, the BTC price has formed a bullish flag pattern and is hence looking for a significant push to accomplish a breakout. Meanwhile, the RSI underwent a minor pullback while continuing to hover along the resistance levels. As long as the RSI sustains at these levels, the price is expected to trade within the flag, and a minor push may compel the price to break out from the consolidation and rise high. 

Additional Read: Crypto Market Analysis: Top Events That May Mark the Begining of the Altseason 2023

Besides, the BTC CVD, or cumulative volume delta, which measures liquid volume inflow for an asset, is displaying a diverse action among the spot and the perpetual. As per the data from Skew, market spot buyers continue to chip away at spot supply while the perpetual continue to short BTC at every bounce. 

Therefore, this flashes the possibility of a clean violent breakout only if a strong acceptance of the spot above $30,400 is recorded. Therefore, the next few hours appear to be pivotal for the Bitcoin (BTC) price as it is constantly consolidating just below these crucial levels, aiming to clear these levels at the earliest. 

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