Bitcoin Breaches 30k Resistance

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Bitcoin Breaches 30k Resistance

Bitcoin Breaches $30K Resistance With 10% Weekly Gain

Bitcoin has once again crossed the $30K level during Monday's trading session, but it is still too soon to celebrate. According to one crypto analyst, a monthly close above the $30K level is required to confirm the bullish trend.

With 1 more week left before the end of October, it appears that the cryptocurrency will need to sustain its bullish momentum or at least defend itself against the sellers.

$35,000 Resistance Up Ahead

At the same time, there are other levels ahead of the $30K, such as $32K, $35K, and $37K, which represent a challenging situation for the bulls. So even if the monthly close above $30K is achieved, there are also other levels ahead waiting for the bulls.

Bitcoin is currently trading near $30,800 with more than $15 bn trading volume over a 24-hour period. Similarly, the BTC/USD has also gained a 2% upside on the daily chart, with a 10% gain in just the last week.

While the Bitcoin (BTC) price is increasing as of late, the exchange reserves of the BTC are going through a decline. According to experts, this indicates that the selling pressure in the BTC is subsiding. Similarly, the short positions are decreasing in the derivates market while the buying positions are increasing.

Once again, bullish momentum can be confirmed on the BTC's derivates market as well, which is a good sign for Bitcoin along with the rest of the cryptocurrencies.

Given this backdrop, the trend in BTC will likely be sustained with little chance of any major drops or retests, as we have seen in the past.

While we discuss Bitcoin's price action in the past week, it is also important to look at other coins as well. Pretty much all of the big cryptocurrencies are in the green, such as the ETH, SOL, LINK, POLYX, & BNB. This indicates that the bullish momentum in BTC is also translating into positive price action for the rest of the market as well.

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