The current one bitcoin bull doesn't seem to pause. In fact, the entire crypto market has gained momentum with Bitcoin. It certainly appears that buyers, who have been gradually recovering since mid-May, are healthy for the market.
Bitcoin is currently trading at levels around $47,000 and holding well above technical resistance has turned into support, indicating that the impulse move by buyers is real and here to stay. Furthermore the short pressure which took place at the $30,000 support level, proved the presence of bulls returning to the market.
But most importantly, the question arises - how far do the buyers go? Because markets are unpredictable, especially the Bitcoin market, it is speculative to believe that every bull run ends with a new all-time high. And given the uncertainty still swirling around Bitcoin, the likelihood of the market jumping sharply like the previous bull push remains on the downside.
That being said, some altcoins including Cardano , Terra and Solana , recently rallied significantly, heading closer to the ATH. Although Bitcoin has sometimes found itself lagging behind some cryptos, it has gained momentum in subsequent trading sessions.
The $30,000 support finally responded
The last massive push north in BTC took place in early 2020. The market doubled in value, moving from $ 30,000 to $ 60,000 levels. And since then, the price has not made a higher high. In fact, the psychological support levels around $40,000 failed to hold as the sellers gained momentum at every step of their way down.
The initial starting point from which the market rose to ATH, supported fundamentals as buyers made their presence felt for the first time since the mid-May crash.
The bullish reaction coming strongly from the liquidity zone confirmed the existence of the prevailing uptrend. But the fact remained that the Bears were convincing on the way down.
With the presence of buyers of longer terms and sellers of shorter terms, prices began to rise consolidate and move sideways . Although Bitcoin has seen bullish events in recent months, the market has refused to head higher.
The market range was quite interesting to watch given the sequence of flat lows and flat highs with momentum.
Expanding the scope
The first reaction from the liquidity zone instantly brought the price to the recent resistance level of $40,000. But because the sellers were equally powerful, they pushed the market back to the liquidity zone. In fact, the sellers even tried to make a lower bottom than the previous one. And again the buyers stood up and lifted the market to an equally higher level than the previous one.
Finally, on the third attempt by the bulls at the support zone, they made a higher high – buying it all the way to $ 48,000 in an uptrend. With increasing strength from the buyers, the $40,000 resistance remained intact. The $30,000 market headed toward $42,000 in one impulsive move, back to the nearest S&R at $37,500 and continued to breach subsequent barriers at higher levels.
On the higher time frame, the market is currently hovering around $46,500 for more than a few days, which is at a resistance level. But no immediate reaction from the level is an indication that buyers are trying to fight sellers harder, preventing the bears from taking charge.
Daily Timeframe Bitcoin Price Chart | Source: BTC/USDT
Buyers dominate the short-term trend
The market shown below is the BTC price chart on a smaller time frame to focus on the current uptrend.
The recent bullish trend started at $30,000 and is now 60% higher at $46,500. Like a typical uptrend, the price reached the current market level in a sequence of higher highs and lower values.
With two pushes in total, the second push is just as solid as the first – indicating that buyers are holding on right now. But the recovery for the second push remains blurred as the impulsive move is still in play. Given that the price is at a resistance level in a higher period, the pullback could come very soon before the buyers make their next higher high sequence.
Bitcoin Price Chart in 4 Hour Period | Source: BTC/USDT
Conclusion: BTC's uptrend will continue, but…
Looking at a much bigger picture, the BTC market is gradually moving towards all-time highs of $65,000. However, based on the price fundamentals, it is certain that the prices will stop longer and probably will reversed in the direction when the market reaches final resistance at $57,500 – as this supply level dominated to break below the key support ($40,000) of its previous experience. Only based on momentum analysis from the supply zone can we measure and predict the distance the sellers will go forward in their next attempt to drag the market south until the big bulls strengthen.
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