\nThe BTC price breakout from a monthly resistance hints at a significant rally in the near future; time to buy?\t\t\t\t<\/p>\n
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In today\u2019s early trading hours, the Bitcoin price witnessed a notable 10.7% surge fueled by rumors surrounding the SEC\u2019s approval of the iShares Spot Bitcoin ETF<\/a>. This sudden inflow of buying pressure has propelled BTC price beyond a resistance line that had been suppressing upward movement for nearly 95 days. However, this bullish momentum is strong enough to underpin a sustained recovery.<\/span><\/p>\n <\/p>\n Also Read: SEC Has Not Approved BlackRock\u2019s Spot Bitcoin ETF<\/a><\/p>\n As the Spot Bitcoin ETF news was disseminated, the Bitcoin price<\/a> leaped from $27,143 to $30,127, breaching a long-coming resistance trendline. This resistance had acted as a deterrent against bullish sentiment for the past three months, assisting sellers to prolong a correction trend.<\/span><\/p>\n However, the absence of official confirmation regarding the SEC\u2019s decision has led to a failure to sustain the price above the $30,000 mark. As a result, the coin price reverted low and formed A long higher price rejection candle in the daily chart.<\/span><\/p>\n<\/blockquote>\n \u00a0At the time of writing, the BTC price is trading at around $28,198, trying to maintain its position above the recently breached trendline. If it manages to hold this level, the price could very well continue to rise, potentially surging 13.5% to test the $32,000 region.<\/span><\/p>\n <\/p>\n While the short-term outlook appears optimistic, traders should remain vigilant for any signs of reversal, given the speculative nature of the recent price surge. If the news-driven rally fails to keep the price above the broken resistance line, the BTC price could see a pullback<\/a>, rendering the breakout a \u201cbull trap.\u201d Such an outcome would increase selling pressure and extend the ongoing correction phase. In this bearish scenario, the price could plummet to the psychological support level of $25,000.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nIs Current Recovery Sustainable?<\/b><\/h2>\n
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Can BTC Price Fall Back to $25000?<\/b><\/h2>\n
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