It’s Time for Bitcoin to Recover; Here are Some Bullish Moves

  • The price of Bitcoin has risen back beyond $30,000 in early Monday trading. 
  • Risk assets are rallying as a large wave of risk-on enthusiasm sweeps through the markets. 
  • Expect a continuation this week as markets adjust to the present tail concerns dissipating.

Bitcoin (BTC) price is set to rise and say goodbye to the $30,000 milestone for good. Several risk asset types, including equities and cryptocurrencies, are seeing an early summer rise. The shift in mood comes as various tail risks were further deflated last week, with fresh hints of a resolution to the Ukraine conflict, as well as inflation worries and Covid lockdowns being unraveled in Asia, which might lead to at least a 20% increase in BTC price.

The price of Bitcoin has been set for a hot summer.

Bitcoin price has risen significantly in early Monday trade this week, with an increase of more than 3% in ASIA PAC. As various risk factors are decreased, more room for upside potential has been created, which is not going ignored by bulls and investors who have been sidelined for far too long this year.

Expect this surge to be stretched and extended, at least this week, as more dollar weakening is expected to kick in, opening up even more potential for the BTC price to rise.

BTC price will initially face $31,231.98, barely above the monthly S2, and trading in the prior distribution zone, which should be supportive of a quick rise to $32,649.28.

Then, with only the monthly S1 around $34,483.61 in the way, a pretty big space is open for the grabbing before hitting the cap at $35,725.02 on the 55-day Simple Moving Average (SMA), which has been keeping price activity restrained since April. As a result, expect some profit-taking around that level before perhaps rising higher.

With numerous historic crucial levels approaching, a hard rejection at a level could easily result in a setback for Bitcoin price activity. For example, $31,321.98, when combined with the monthly S2, represents a double cap that might see a significant inflow of bears and crush the bulls’ rebellion. That means the price will fall back below $30,000 to test $28,695.13 on the downside.

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