The Bitcoin bulls have taken full control of the market and are pushing the Bitcoin price higher. This rally comes after weeks of price consolidation, and rejections at the $20k resistance region, this resistance has been broken and a new ATH created for Bitcoin.
The break of the $20k price resistance also pushed the Bitcoin price into uncharted territories. So now, the biggest cryptocurrency in the world has little to no resistance to the upside, with the potential to keep on surging higher and higher till it gets to the $30k price region.
In this Bitcoin analysis, we will be talking about the potential for this bullish rally to continue, we will also be talking about a potential sell-off as well as important levels to keep an eye on in the coming days.
Resistance Turn Support
The most important level to keep an eye on is the $20k resistance turn support. If the price continues to trade above it, we can expect this bullish run to continue all through the remainder of this year and into next year.
That bullish scenario is very possible, especially with all the positive fundamental trends and global adoption for Bitcoin we are seeing currently take place. However, if the price falls back below the $20k resistance in the coming days, we can expect the $20k resistance the Bitcoin price has been battling since to come back into full effect again and continue pushing the Bitcoin price back down.
We also created a video below where we talked more in-depth about the key fundamentals pushing the Bitcoin price higher as well as the fate of the U.S dollars and what the growing dollar weakness means for Bitcoin in the coming weeks.
Waiting to see how the Bitcoin price will react in the coming days is very important, and will help you not FOMO into opening a buy position especially at these highs.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With