Bitcoin is experiencing a significant surge this week, effortlessly crossing its previous resistance at 31815 and making its mark beyond 35k. Notably, Bitcoin is now approaching a critical long-term fibonacci resistance near 36k. While it’s uncertain whether Bitcoin can clear this barrier on its first attempt, a definitive break past this resistance could lead to profound long-term bullish implications. Such a move might propel Bitcoin swiftly past 40k next.
A potential catalyst for this robust rally is the market’s anticipation of a spot BTC ETF approval. Despite last week’s false report, the consensus among market participants suggests that this approval could materialize within the upcoming three months, if not sooner. Another factor worth considering is the role of geopolitical tensions in influencing Bitcoin’s demand. As many in the investment community have come to regard Bitcoin as the “digital gold”, it’s plausible that some are turning to the cryptocurrency as an alternative safe haven amid global uncertainties.
From a technical standpoint, near term outlook will stay bullish as long as 30021 resistance turned support holds. The key resistance is 38.2% retracement of 68986 to 15452 at 35901. Sustained break there will argue that it’s already reversing, rather than correcting, the whole down trend from 68986 (2021 high). Next near term target will be 100% projection of 15452 to 31815 from 24896 at 41259.
