Bitcoin Breaks Major Resistance Level
• Bitcoin surged past a key resistance level on Friday during Asian trading hours.
• The breach of the August 2022 resistance level has shifted the focus to the next technical hurdle above $28,000.
• Wall Street’s tech-heavy Nasdaq index rose 2.6% on March 16 confirming a bullish pattern on the daily chart.
Bitcoin has been experiencing an impressive rally lately, with its price surging from $19,000 to $26,000 and the total value of all cryptocurrencies now at $1.14 trillion. Experts believe this upward momentum shows no signs of slowing down and that Bitcoin is likely to remain bullish heading into the weekend as it targets $28K.
Bullish Pattern Confirmed
Markus Thielen, Head of Research and Strategy at Matrixport, noted that within larger price swings Bitcoin has rallied, reacted, and retested from $4,000 point increments – $16k, $20k, and $24k – from which the current breakout is now targeting $28k. On top of technical indicators suggesting a continued rally for Bitcoin’s price, Wall Street’s tech-heavy Nasdaq index also rose 2.6% on March 16th confirming a bullish pattern on the daily chart.
In addition to these positive signals for Bitcoin’s prospects in the short term future unwinding leverage could also play an important role in this surge in its price over recent days as investors are flocking towards less volatile assets such as BTC due to its lower risk profile compared to other more traditional investment vehicles like stocks or commodities.
Bitcoin’s latest surge in price will likely reignite debate over its volatility and prospects but with a major resistance level now cleared it appears that its upward trajectory is at least solidified into the weekend as it sets its sights on breaking beyond the psychological barrier posed by reaching 28K in value before closing out what has been an incredibly strong weekly rally so far for BTC’s performance across multiple markets worldwide