Bitcoin Standing Strong Above $28,000 Despite the Bearish Pressure-Is a Bull Market on its Way?

The crypto markets appear to be under bearish pressure currently, but the bulls continue to hold their strength. Despite the price, which has soared beyond 70% since the beginning of 2023, the trend has remained under a bearish influence. However, with the recent price action, a massive upswing is believed to have kicked off, which may raise the price beyond the crucial threshold of $32,000 in the coming days. 

The current shift in market sentiment does not appear to be euphoric, as it still seems bearish- moderate while the price is sitting at annual highs. It earlier happened when the price was badly trying to surge beyond the crucial resistance at $20,000. Interestingly, the euphoric sentiment has maintained a declining trend since then. This may be the reason why Bitcoin whales have resumed their accumulation. 

As per the data from Glassnode, Bitcoin whales have begun to accumulate again after dropping in recent times. Therefore, the momentum appears to have geared up significantly, which may propel the price beyond the next major resistance at $32,000. In the meantime, a huge bullish signal has been fluttering that may substantiate the bullish claim. 

Also Read : Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?

The above chart illustrates the possibilities of a bullish breakout as the price rebounded from the 2019 highs and soared. Meanwhile, the MACD remained under a bearish influence despite the upswing and is currently about to flash a massive ‘buy’ signal in the monthly chart. Therefore, it appears that the bulls have set themselves up for a breakout very soon. 

With the bullish breakout, the Bitcoin (BTC) price is believed to soar high beyond $30,000 to reach the crucial resistance at $32,000.

• SEO Powered Content & PR Distribution. Get Amplified Today.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
• Source: https://coinpedia.org/price-analysis/bitcoin-standing-strong-above-28000-despite-the-bearish-pressure-is-a-bull-market-on-its-way/