Bitcoin breaking out of 2 month downtrend

[Don Pedro Dinero]

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.

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.

[Husires]

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.

It's a good point that the bearish news of SEC lawsuits overall had virtually no bearish effect on Bitcoin. Obviously fundamentally it shouldn't, as Bitcoin isn't referenced, but given how the market functions a lot on sentiment I'd assume that if the market was truly bearish then this would have had a negative effect on the overall market.

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.

[adaseb]

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.

[kotajikikox]

Do you think this break-out will continue to the upside in order to re-test the highs around $31K, or will it fail and price will fall lower?

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 .

[OgNasty]

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.

[peter0425]

As the title suggests, Bitcoin appears to breaking out of it's two month long downtrend after reaching the highs of $31K on April 14th, that followed with lower lows and lower highs.

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.

As can be seen by the chart above, today price is breaking the resistance trend-line as well as moving back above the 50 Day MA that price has remained below for the past 5 weeks.

5 weeks is really long to see how we maintain that low position 25-27k at least now there is a light again?

Do you think this break-out will continue to the upside in order to re-test the highs around $31K, or will it fail and price will fall lower?

As of typing price hasn't made a higher high above last month high of $28,450, but is getting close.

I think Bitcoin can , maybe sooner ? or at least early next quarter .

[laurenB7742]

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.

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.

[Nrcewker]

Bitcoins are currently at almost 29,000 USD. So yes, we have seen some upward trends right now. This month, this might be the all-time high price for bitcoins. So yes, maybe this time Bitcoins will stop after reaching 35,000 USD. The reason for the recent upward push is not clear, but yes, we can see that there are more buy orders than sell orders on all the exchanges. Let’s not wait any longer and buy as many bitcoins as we can so that we can store and hold them for a long time and make the most profits out of them.

[Minecache]

Bitcoins are currently at almost 29,000 USD. So yes, we have seen some upward trends right now. This month, this might be the all-time high price for bitcoins. So yes, maybe this time Bitcoins will stop after reaching 35,000 USD. The reason for the recent upward push is not clear, but yes, we can see that there are more buy orders than sell orders on all the exchanges. Let’s not wait any longer and buy as many bitcoins as we can so that we can store and hold them for a long time and make the most profits out of them.

The SEC and Binance have an agreement, many ETFs are waiting for approval, and as mentioned by laurenB7742, a large amount of bitcoin has been bought, all of which are positive things for the price of bitcoin to rise again. Many people fear that this rapid increase will not be sustainable, but I think bitcoin can still break through $30k this time, but to reach $35k as you say is very unlikely. That is not an unattainable high price, but with this news, it is not strong enough to make Fomo cause a surge in the market. No matter how the price goes up, as long as below the old ATH, we shouldn't miss it, let's accumulate as soon as possible.

[fzkto]

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.

It seems to me that it is too early to talk about a rally. In these few days we have only seen momentum, which could potentially be a rally in the near future. There is indeed a lot of good news now and maybe the bitcoin price correction will end this June. It has been a long time since we had such good green candles on the chart.

[eaLiTy]

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.

I was wondering what happened all of a sudden when the price went down and then the price started to rally like a jet pack attached to move around $30k once again . Was not aware of the ETF and thank you for the notification, looks like i am not following these market news and was not aware of the crypto exchanges as well, so another hype train exchange is launched after FTX demise  .

[dragonvslinux]

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.

It seems to me that it is too early to talk about a rally. In these few days we have only seen momentum, which could potentially be a rally in the near future.

I don't think it's true that the market has only seen momentum, there are also plenty of other factors to consider:

* Highest 6/12 hr volume in months.
* Breaking out of 2 month downtrend
* Breaking back above 50 Day MA
* Getting back above 200 Week MA

While there were plenty of reasons to consider the correction would go deeper than $25K, the point is that after breaking back above $27K it negated a lot of the short-term bear trend. Price has remained in the structure of a 6 month uptrend that ultimately often supersedes a 2 month downtrend, for obvious reasons. This isn't about the rally in the past few days, it's about the past 6 month uptrend still.

[hugeblack]

@ImThour what do you think of what happened.

Honestly, I was surprised. I did not expect to see the breach again above $27,000 during the second quarter of this year. Perhaps I expected it to happen towards the end of the year when the tightening packages lessen, but I am not optimistic in the short term. We have a strong resistance level at 31,000, and we have an expected interest rate hike of about 25 basis points for the next two rounds, so all that is happening is profit-taking in the short term, before we witness a correction that may deepen by more than $25,000.

[ImThour]

@ImThour what do you think of what happened.

Honestly, I was surprised. I did not expect to see the breach again above $27,000 during the second quarter of this year. Perhaps I expected it to happen towards the end of the year when the tightening packages lessen, but I am not optimistic in the short term. We have a strong resistance level at 31,000, and we have an expected interest rate hike of about 25 basis points for the next two rounds, so all that is happening is profit-taking in the short term, before we witness a correction that may deepen by more than $25,000.

I pretty much was predicting the uptrend. It is a sort of reclaiming Support level, so I think now we can break even $32k or $33k. Let's see how this goes.

Chart Timeframe: Weekly

You can clearly see how the Bitcoin Price broke the resistance at 0.33 Fib level and now this week, it made it a support.
I am speculating that we are about to head to the $40k Range.

Let me know what you think about it.

[sana54210]

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.

I think all these news are just a way to say that we are going to do fine, doesn't mean that we will, but also doesn't mean that we won't. Even if some of them gets the attention of people, we are going to be doing fine. I think it is quite important to focus on that, and if we can, then we are going to be fine about it. I know that people are not really that great about it, and people are not that much hyped about any of this, but even if just one of them hits, that's going to be good for us.

I think it is important to remember that when we are at a level where it goes as well as hoped for, then it is going to be as much decent as it gets. Imagine lottery but with better odds, if we hit it just once with one of the good news, we will do fine.

[skarais]

Honestly, I was surprised. I did not expect to see the breach again above $27,000 during the second quarter of this year. Perhaps I expected it to happen towards the end of the year when the tightening packages lessen, but I am not optimistic in the short term. We have a strong resistance level at 31,000, and we have an expected interest rate hike of about 25 basis points for the next two rounds, so all that is happening is profit-taking in the short term, before we witness a correction that may deepen by more than $25,000.

It is impressive that we have seen such a good recovery in the bitcoin price in the last few days.
Price is very close to testing the $31k resistance and $30,800 has been touched so far. I'm really surprised by the way bitcoin is going against FUD, but let's hope we can see bitcoin price holding strong above $30k after today's breakout.

Let's see what happens next, but I think we still have high hopes for a $35k high in June. $30k support shouldn't be that strong, but if we do break through $33k it will be decent support.

[kapalmabur]

Hopefully Bitcoin breaks out from $ 30k and stays above it, because this will be a good moment for the crypto market especially altocoins,
because from this of course altcoins will recover quickly and this will be the start of bullish in 2024-2025,
but if Bitcoin fails again to break and hold above $30k then it is the second time Bitcoin has failed.
so we have to be careful and prepare for bad things to happen and yes hopefully not.

[rby]

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.

One thing I like about bitcoin is that it has a way to prove people wrong even the so called experts.
If you were on this reputation board last week, the type of news you would have read should be bitcoin going below $20k. Just a matter of few days bitcoin has proved them wrong and pumped above 30k.
Now, they are saying it will not last and we should be careful. After bitcoin failed the proposed 100k ATH as predicted by many experts,  I do not listen to them anymore.

[Balmain]

I voted as maybe. It seems too early for bulls to run fast. But I can say that it is strong to break the 31 thousand dollar resistance, so I am approaching maybe. But there is a really motivating environment to protect your bitcoins right now. If it can close above 30-31K Usd in June, it will have solidified the price base and will be a strong support at these levels. I also worry about a new FUD coming out on the market at any moment, so I can't be too positive and hype.

[laurenB7742]

-

One thing I like about bitcoin is that it has a way to prove people wrong even the so called experts.
If you were on this reputation board last week, the type of news you would have read should be bitcoin going below $20k. Just a matter of few days bitcoin has proved them wrong and pumped above 30k.
Now, they are saying it will not last and we should be careful. After bitcoin failed the proposed 100k ATH as predicted by many experts,  I do not listen to them anymore.

No one can predict what bitcoin will look like tomorrow, but as investors, we all have the right to make our own predictions. You don't have to trust anyone but yourself, but you also can't forbid people from making their predictions. For me, predictions are just fun, and there is nothing to believe in them completely. With unpredictable assets like bitcoin, we should always have a plan for two scenarios and we will always have everything under control. If the market goes up, what will we do? If the market falls, what will we do? I think that's enough.