After months of sideways trade and multiple fakeouts, Bitcoin price is finally showing signs of a bullish breakout. BTC has bounced back and reclaimed $32200 as support after losing it just a week ago. The Fear and Greed Index has also upped the stats from being at 10 last week to 22 now. The week ahead for BTC looks merry for now.
Bitcoin Price after consolidating for 2 months in the inverse head and shoulders pattern is now breaking out. BTC is now trading at $33,703, in order to validate the breakout, it needs to continue the uptrend and surge above the $33935 resistance level.
It further needs to break above the 200MA and bring $36k to play. Further, it can move towards $37.5 and $41K eventually. However, if BTC fails to hold up, support at $31,027 will come into play.
Adding to the bullish case is the supply squeeze that’s been talked about a lot. Popular analyst Will Clemente has bought to notice the BTC short liquidations rising swiftly. Data from Glassnode suggests, $10.2 M short liquidations in 10 Minutes and the number is still going up.
To top this all of is the Relative Strenght Index. The Bitcoin daily RSI has broken out of a 7-month long resistance. Right from February, the RSI had been making lower highs, but now it has broken above. However, the index needs to keep making higher highs to validate the trend.
Although metrics, patterns, and indicators hint at a bullish breakout, BTC needs to hold up well over the weekend and start an upward momentum to declare a bull rally.
At the time of writing, BTC is trading at $33,779 up by 3.9% in the last 24 hours.