Bitcoin’s Price Poised to Break $32,000 Resistance Level

Bitcoin’s Price Poised to Break $32,000 Resistance Level

Bitcoin, the leading cryptocurrency, could soon surpass a critical resistance level of $32,000, according to a pseudonymous crypto analyst. In a YouTube video update, the analyst, known as DonAlt, highlighted that Bitcoin has been struggling to overcome this resistance for months. However, the recent filing of a spot Bitcoin exchange-traded fund (ETF) by BlackRock, one of the world’s largest asset managers, may serve as the catalyst to propel Bitcoin beyond its persistent hurdle.

DonAlt expressed confidence that the news of BlackRock’s ETF filing provides Bitcoin with more upside potential than downside. Despite concerns about a potential downside if the resistance level remains unbroken, the analyst believes that the next significant price correction in Bitcoin will likely be driven by the fear of missing out (FOMO) among investors, leading to a surge in price.

Factors Aligning for Bitcoin’s Price Surge, Could It Reach $40,000 in 2023

Bitcoin’s recent price momentum has reached a critical juncture as the cryptocurrency hovers near the important resistance level of $30,000. This level holds significant importance for both Bitcoin and altcoin prices, with $31,091 serving as a crucial threshold to monitor.

Firstly, $31,091 represents the highest level Bitcoin has achieved this year. A successful move above this level would indicate a sustained demand for Bitcoin. In fact, buyers are willing to enter positions above the year-to-date high. Such a breakthrough would invalidate bearish sentiments. Besides, that’s a clear suggestion of the presence of further buying interest, potentially propelling the coin to new highs.

Secondly, a chart analysis reveals that surpassing $31,091 would also negate the formation of a double top pattern, with a neckline at $24,767. The double-top pattern is widely regarded as a bearish reversal signal. Therefore, surpassing this level would dismiss the bearish view and confirm the presence of eager buyers in the market.

While the resistance remains, the market awaits confirmation of a breakout, which could lead Bitcoin to defy expectations and surge beyond its previous highs.