Bitcoin Momentum Likely to Continue as Bulls Shatter Critical Resistance
The crypto is now trading up nearly 10x from its 2020 lows of $3,800 set during the March selloff.
Its parabolic uptrend shows no signs of slowing down for the time being, and one analyst believes that it is only a matter of time before it sees further upside.
Bitcoin Explodes Past $30,000 as Uptrend Turns Parabolic
At the time of writing, Bitcoin is trading up over 12% at its current price of $33,100. This marks a massive upswing from recent lows of $26,000 set just a few days ago.
So long as buyers can maintain their control over the lower-$30,000 region, this could become a new floor for the cryptocurrency upon which it can expand off of.
Analyst: BTC Strength Shows No Signs of Slowing
One trader explained in a recent tweet that he is now watching for Bitcoin to continue this uptrend.
He notes that the break above $29,400 sparked this move higher and may continue creating tailwinds for it.
“BTC – $31k+: The momentum has been strong and breaking back above $29,400s was a key level. I’d expect the momentum to continue with Bitcoin to the upside. Now $19k-$20k Bitcoin doesn’t sound so bad – many now wish they bought more at those levels.”
The coming few days should provide some serious insights into where the entire market will trend in the mid-term, as whether or not Bitcoin posts a blow-off top here will be telling as to its present strength.