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Bitcoin ETF impulse fuels ‘fantastic’ $29K BTC price breakout

Bitcoin is “very unlikely” to leave its trip to $29,000 as a fluke spike, one popular analyst says.

Analyst: $29,000 becoming fakeout “very unlikely”

For analysts who were previously concerned about overall market strength, the latest action was cause for a modest rethink.

“Fantastic BTC breakout beyond the multi-month downtrend,” popular trader and analyst Rekt Capital

The day prior, with upside already in motion, Rekt Capital had cautioned that the weekly candle close was necessary to .

“A BTC Weekly Candle Close beyond the multi-month downtrend would be a great breakout confirmation. That said, a $BTC dip into the downtrend for a successful retest would offer full confirmation of breakout,”he now .

“The retest area is ~$26800.”

Fellow trader Crypto Tony meanwhile  that Bitcoin could hit his upside target “earlier than anticipated.“

“As i said, if we did not lose the support zone on Bitcoin at $25,000, then there is nobearishcontroljustyet,”

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“Soon as we saw the bulls step in, that was our cue to long. Plan and Execute.”

Others were more conservative, with both Daan Crypto Trades and Michaël van de Poppe, founder and CEO of trading firm Eight,  closed long positions at the $29,000 mark.

Van de Poppe nonetheless  that BTC/USD was now on its way to $38,000 or higher.

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Short-term holder support proves itself

Regarding support levels, on-chain analytics firm Glassnode took the opportunity to underscore the significance of the short-term holder (STH) cost basis.

At $26,400, the STH cost basis was now a formidable line in the sand, with BTC/USD rebounding strongly after placing STHs in unrealized loss territory.

“26,550 remains a significant baseline in determining market trend,” Glassnode tweeted, referrinpreviousresearch.

“The recent deviation below the STH-CB was not decisive, culminating in a reclamation of the prevailing uptrend.”

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السابق
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التالي
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