Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023
Bitcoin continues to see untried wideness all short-time and medium-timeframes as the cryptocurrency reconquest lost territory. As of this writing, the BTC price stood whilom the significant psychological mark of $24,000 and seems ready to alimony smashing resistance levels.
The Magnetic Forces Pushing Bitcoin To The Upside
Bitcoin has been on an upside trend since January 9th. At that time, the cryptocurrency tapped whilom the 200-day Simple Moving Average (SMA), a hair-trigger level that has historically operated as support and resistance during major market trends.
At these levels, big players segregate to yaffle or take profit from their BTC holdings. When the cryptocurrency was unelevated its 200-day SMA, the market took wholesomeness of the low prices and began an warlike accumulation, as seen in the orchestration below.
This unifying resembles the 2019 BTC marrow that preceded the massive 2021 rally into new all-time highs. The reuse of the 200-day SMA forecasted both shifts in trends and market conditions.
According to Samson Mow, long-time Bitcoin supporter and CEO at Jan3, these levels have a major influence on the BTC market:
What’s Behind The Bitcoin Rally?The Bitcoin 200 WMA is like a magnet. When price is below, it’s an lulu gravity pulling price upwards. After we navigate the the 200 WMA, the polarity flips and it becomes a repulsive gravity pushing price upwards.
A positive performance in legacy financial markets, an resurgence in macroeconomic conditions, as the U.S. Federal Reserve spoken a 25 understructure point (bps) and a spike in the BTC spot trading volume. These three factors support what appears has an rememberable trend for 2023.
After a long period of selling pressure, downside price action, and accumulation, the bulls seem ready to take over the market. In the short term, Bitcoin could trend higher into the $30,000 region if the trend continues.
According to economic Alex Krüger, BTC market participants could see some resistance at those levels surpassing resuming the bullish momentum:
(…) breaking through 30k then pulling when would be normal market dynamics. Markets tend to run key round levels over, trigger stops, bring suckers in, then well-to-do them out. And 30k-35k looks very doable.