https://telegra.ph/file/9139b0690b24c15e7f656.jpgBitcoin price rises to $30,200. Is this the start of a rally?
Bitcoin traders reacted to the growth of the asset with bullish forecasts. However, will the price be able to overcome the key resistance?
According to the cryptocurrency screener Cryptovizor, which determines the BTC / USD rate based on the results of trading on spot exchanges, on August 8, Bitcoin peaked at $30,284 during the American stock market session.
Before this increase, there was a fall of $28,628. The rapid price change affected the expectations of market participants.
“This is indeed a higher low, bitcoin continues to maintain a bullish chart structure,” popular trader Jelle wrote on X (i.e. tweeted).
He expressed hope that Bitcoin will break through the resistance at $32,000.
The day before, the head of trading firm Eight, Michael van de Poppe, drew attention to the importance of the $29,700 level. He wrote: “The Bitcoin party will start when we break the $29,700 mark. Until then, it’s just consolidation.”
At the time of writing, BTC/USD is trading at $29,820, according to Cryptovizor.
Today, the trader stated: “Bitcoin is close to the party.” And added:
"The start of a bull market never looks like the start of a bull market."
Despite the optimism of colleagues, the popular trader and analyst at Rekt Capital turned out to be more restrained. Analyzing the Bitcoin chart on the weekly timeframe, he admitted that breaking the $29,250 level (the black line on the chart) is a good sign, because it allows you to count on growth to the resistance area in the $29,900 - 30,100 zone.
This time, BTC surged to $30,200. The bearish signal is that there is a strong pullback that could close below $29,250. However, if BTC falls to $29,250 to confirm it as support, it will turn bullish. signal.
