02 Jan Bitcoin Momentum Likely to Continue as Bulls Shatter Critical Resistance
- Bitcoin has seen some massive momentum throughout the past few days, with the cryptocurrency’s price rallying to new highs over $30,000 as its uptrend turns parabolic
- Where the cryptocurrency trends in the mid-term will undoubtedly depend on whether or not bulls can maintain full control of the crypto’s upswing or if it will post a blow-off top
- Some analysts do believe that the lack of bid-side support just below BTC’s current price could result in it seeing a sharp drop if there’s a flurry of selling pressure
- One analyst still believes that he expects its momentum to continue in the near-term
- He notes that the break above $29,400 was what sparked this movement and that it will likely extend further in the coming days
Bitcoin has seen one of the wildest rallies of its history over the past few weeks, with its momentum only being rivaled by historic rallies like the one in 2017 and in years prior.
The crypto is now trading up nearly 10x from its 2020 lows of $3,800 set during the March selloff.
Its parabolic uptrend shows no signs of slowing down for the time being, and one analyst believes that it is only a matter of time before it sees further upside.
Bitcoin Explodes Past $30,000 as Uptrend Turns Parabolic
At the time of writing, Bitcoin is trading up over 12% at its current price of $33,100. This marks a massive upswing from recent lows of $26,000 set just a few days ago.
So long as buyers can maintain their control over the lower-$30,000 region, this could become a new floor for the cryptocurrency upon which it can expand off of.
Analyst: BTC Strength Shows No Signs of Slowing
One trader explained in a recent tweet that he is now watching for Bitcoin to continue this uptrend.
He notes that the break above $29,400 sparked this move higher and may continue creating tailwinds for it.
“BTC – $31k+: The momentum has been strong and breaking back above $29,400s was a key level. I’d expect the momentum to continue with Bitcoin to the upside. Now $19k-$20k Bitcoin doesn’t sound so bad – many now wish they bought more at those levels.”
Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.
The coming few days should provide some serious insights into where the entire market will trend in the mid-term, as whether or not Bitcoin posts a blow-off top here will be telling as to its present strength.
Featured image from Unsplash. Charts from TradingView.