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Bitcoin has been building momentum for a price rally for a while now, but it seems that wait might finally be over. The Bitcoin price just broke and closed above the $34,988 key resistance.
We have seen this key level serve as resistance on numerous occasions making this bullish break an important milestone for Bitcoin.
In this Bitcoin analysis, we will be talking about what next the price scenarios’, key levels, and the bullish targets we are watching for in the coming days.
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Expect The Rally!
It is important to understand that the $34,988 key level is just a minor resistance and this bullish move might not end up working just like the rest before it.
The key level we want the price to break is that $41,051 resistance region. We might see history repeat on Bitcoin where price rallies to this $ 41,051 resistance and fails to break out.
However, a break of this resistance is a strong indication that the Bitcoin-ranging market is over and we that might see a larger rally in the Bitcoin price in the coming days.
Bitcoin Breaking Out Right Now! Best Time To Buy?
While the potential for a Bitcoin rally is high, there is also a very high potential to see a rapid sell-off in the coming days. This makes this current bullish breakout a low-probability trade setup.
The best price range for a Bitcoin buy for us would be a break above the $41,051 resistance. A break of this $41,051 is a clear indication of the resumption of the bullish trend in Bitcoin.
Until that happens we believe Bitcoin is in a ranging market with a 50% probability for the price to go in any direction.
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