Wow... Who would've thunk. We're looking at a clean break out above 31k - 32k and if BTC goes down and retests that 31k - 32k range and holds, we got an S/r flip and it's gonna be a comfy trade for the guys who got in at the ranges below.
This move certainly took me surprise, I wasn't expecting that resistance level to break for sometime.
The break is also as clean as it get's after popping to $35K, despite there not being considerable volume to back it up. It seems very much related to the news about the ticker listing on DTCC, the assumption that an ETF will be listed soon, which personally I'm still not convinced about. I read that the $IBTC ticker was in fact listed back in August, but took until this month for someone to notice...
Either way, as others have pointed out, it becomes irrelevant how/why the range was broken if the break sustains itself - which is currently the case. I think this secures $30K as a new support level if price is to correct soon, but I wouldn't be surprised to see $40K first before a correction. Price around $35K is no-mans land (very low volume) so a push further to upside back to trading volumes isn't out of the question.
A lot of bears who have been calling for lower prices over the past 6+ months are now accepting defeat. While they might not be rushing back into Bitcoin at current overbought levels, no doubt they'll be re-entering the market if price comes back to $30K. However if price continues onwards to $40K, they may well just have to suck it up and buy back, as price could then continue back to $50K to $60K.