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Bitcoin Trendline Breakout Suggests Continued Rally to $30.4K: Analyst
Bitcoin has rallied nearly 10% this week, confirming an end of a two-month downtrend.
Updated Jun 21, 2023, 11:01 a.m. Published Jun 21, 2023, 10:56 a.m.
Bitcoin has rallied nearly 10% this week, pushing through a trendline characterizing a two-month downtrend and the 50-day simple moving average of the price.
The so-called trendline breakout has now opened doors for the cryptocurrency to head toward $30,400, according to FxPro's senior market analyst Alex Kuptsikevich.
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"In terms of technical analysis, this is an important bullish signal as the price closed above its 50-day moving average and above previous local highs in a sharp move on Tuesday. The move confirms the breakdown of the downtrend that has been in place for the past two months," Kuptsikevich said in an email.
"The next target for the bulls is the area between the April and May highs at $29,400-$30,400," Kuptsikevich added.
The market mood has flipped bullish this week due to a flurry of spot bitcoin ETF applications by BlackRock (BLK), WisdomTree and Invesco (IVZ).
The falling trendline breakout in the daily chart indicates that the pullback from the April 14 high of $31,000 has run its course and the broader bullish trend has resumed.
Note the pullback ran out of steam near $25,200 – the former resistance flipped into support during the U.S. banking crisis of March.
The defense of $25,200 and the subsequent breakout represents a positive resolution of a technical analysis pattern called "throwback" and suggests scope for a rally to $37,000.
Bitcoin changed hands near $28,950 at press time, according to CoinDesk data.
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