BlocksInform
Bitcoin is confronted with fortress resistance consisting of the 200 weekly ma and the last high reached in August 2022.
Will this week be the confrontation, as Bitcoin tries to break through its largest resistance and decisively announce that the long-awaited bull market is right and really here?
The siege is initiated
Last Thursday saw the start of the siege that bitcoin is now initiating against the $25,300 last big resistance. This was the first time a knock was made on the door. Friday and Saturday saw bitcoin approaches as well.
Then on Sunday, he knocked on that door once again with another touchpoint. Then, on Sunday, he knocked on that door once again with another touch point.
Monday rose, and Bitcoin is once again coming close to the very important level with a ram.
In Analytical Engineering, the higher a level gets, the weaker she gets until she's finally raped, It might well be that attacks get weaker and Bitcoin is eventually dismissed, down to maybe much lower levels.
Twenty-five thousand dollars break? However, it does seem that this will be an extremely serious attempt by the Bitcoin bulls to break through the level and get the upper hand.
With a good few daily candles above the level, Bitcoin would be likely to climb rapidly to $28,000 and above because of almost no resistance. Every time Bitcoin goes up to attack the level and is dismissed, it now goes down to a support level of $24,000 that now has five points of contact, including today.
Every time Bitcoin goes up to attack the level and is dismissed, it now goes down to a support level of $24,000 that now has five points of contact, including today.
A further higher level that takes shape as resistance/support is $24,850. China adds to the momentum what gave this new momentum to the crypto marketplace? China could take the lead in this area.
China's central bank recently injected CNY 500 billion of quantitative easing into its markets to boost liquidity.
China's central bank recently injected CNY 500 billion into its markets to increase liquidity.
Because of this, a lot of cryptocurrencies based in China have been running, and there has been a positive boost to Bitcoin and the rest of the crypto market. Dry powder waiting on the sidelineswith the stock market entering recession either this or next year there is not going to be too much in respect to upside for investors in this area. Therefore, they're going to be looking for value somewhere else.
So they're going to look elsewhere for value.
