Bitcoin surged past key resistance levels, fueling speculation about a continued rally. Analysts are closely monitoring price movements as Bitcoin approaches new highs.
Investors and traders are assessing whether Bitcoin is positioned for a breakout, with projections reaching as high as $300,000.
Bitcoin Price Holds Above Key Levels, Eyes Further Upside
Bitcoin has now moved past the $84,000 mark, a level that had been pinpointed by the market analysts as a resistance level.
Rekt Capital, a crypto analyst, indicated that sustaining this position will be favorable for further pump.
“BTC is one daily close away from reclaiming the level of ~$84,000 that would see it locked into continuation of the trend to the upside,” Rekt noted.
As of this writing, bitcoin is trading at $85,025.43, up 1.04% in the last one day.
Further, the general market remains eager to see whether Bitcoin can sustain the highs that have trended in the recent past.
If the support is at $85,400 is held, then it will be considered by traders as a buying opportunity.
On the other hand, if the price drops beneath this level, a possibility may appear for sellers to take back the lead.
Another analyst, Gert van Lagen, highlighted another technical indication that will testify to a long-term rally.
He pointed out a four-year descending inverse head and shoulder pattern, indicating that this pattern may take Bitcoin to $300,000.
This structure, which is typically considered a bullish reversal indicator, has given a positive sentiment to the investors.
Institutional Interest Grows as Federal Reserve Maintains Stance
Institutional investors have continued accumulating Bitcoin, reinforcing bullish sentiment.
Bitwise recently added $12.1 million worth of Bitcoin to its holdings. This purchase aligns with growing expectations that institutional demand could drive further price increases.
Another factor that has affected Bitcoin is the policy of the Federal Reserve in the period up to the moment.
Specifically, the decisions made by Chair Jerome Powell were that the interest rate would remain unchanged, with further cuts to occur by year’s end.
This policy decision was accommodating to risky assets such as Bitcoin and equities. Arthur Hayes, the former CEO of the BitMEX exchange platform, said that Bitcoin can benefit from the current trend of monetary policy relaxation attributable to the Fed.
The relationship between macroeconomic policies and the fluctuation in Bitcoin’s price is again apparent.
Market participants are expecting the Fed to return to purchasing bonds in the future, which might create more buying pressure on digital assets.
The developments in the various markets are being closely anticipated by the various market participants in the coming months.
Bitcoin’s Technical Breakout Confirms Bullish Patterns
The recent surge in Bitcoin price has provided more confidence to the traders in understanding price trends from the past.
Trader Tardigrade, a technical analyst, noted the typical rising-up move for Bitcoin out of the falling wedge pattern.
Past occurrences of this pattern have led to different percentage increases of between 75% and 90%, which is an indication that Bitcoin could reach other all-time high prices.
Trader Tardigrade pointed out that prior breakouts were followed by large-scale movements.
If Bitcoin follows the historical conformance, such figures as $150,000 can be considered as more realistic and achievable.
While short-term corrections are depicted as a probability, the prevalent model seems to be on the bullish side.
These levels have become significant support levels and indicate that Bitcoin price may now be about to go even higher.
The post Bitcoin Price: $300K Target In Sight After Key Resistance Flip appeared first on The Coin Republic.
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