As Bitcoin continues to disrupt the global economy, it’s expected that its trajectory will remain bullish going forward. With the crypto-currency currently priced at around $28,360 at the time of writing, it may not be too long till BTC hits the coveted $30,000 mark.
The key levels to watch out for are $29,000, $30,000, $31,000, and $32,000.
The $29,000 level is seen as the next major psychological price level for Bitcoin, and a break above it could bring immense buying volume and push BTC to the $30,000 mark. It’s worth noting that breakouts to the upside often occur when a certain price range is reached, and on the way up, last resistance becomes the next support.
On the other hand, if the $29,000 level fails to be breached, then we may see a strong pullback in the price of Bitcoin. $27,400 and $25,500 are two important support levels that could potentially be tested if BTC decides to retreat.
Hence, the very near-term performance of the leading cryptocurrency will be highly important in determining the midterm trends. Investors should remain vigilant and not be overwhelmed by the FOMO scene prevailing around Bitcoin.