Bitcoin Markets: BTC  set to break past the $20,000 resistance level

Analysis Markets


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Bitcoin sees some buying interest arising in the market, which could push BTC to break past the all-time high of $20,000. With institutional and retail investors flocking towards Bitcoin as a safe haven asset, there is good support for further price appreciation.

Bitcoin Markets

As the S&P 500 and other major US indices continue to grind higher, BTC remains well-correlated. The weakness in the USD is also a strong tailwind for Bitcoin, as it helps push prices higher. This has been seen before in recent times, and it appears to have happened again this week.

Overall, we expect to see Bitcoin head back towards the $17,000 level this week in a mild grind higher. This should keep BTC well-supported and could see buying pressure intensify as the markets move forward. The fundamentals remain strong and have not changed since Tesla’s announcement. As long as these two tailwinds continue to support Bitcoin prices, we expect to see more bullish momentum in the market.

Medium-term Outlook: BTC could aim for $20,000 in the coming weeks as buying pressure builds

Looking further into the future, it appears that Bitcoin has plenty of room to run higher in the near term. The fundamentals remain strong, and buyers continue to be enticed by the prospect of higher returns. If the market moves beyond the $17,000 level this week and breaks past the all-time high of $20,000 in the coming weeks, we could see a strong rally take place.

Bitcoin Markets

Source: Tradingview

The SMA 50 and SMA 200 are starting to cross over, which could be a sign of further upside in the coming weeks. This could see BTC start to move towards $20,000 as buying pressure intensifies.  The technicals are also looking good, with the RSI on the daily chart heading towards overbought levels.

Overall, Bitcoin looks to be firmly in bull mode and could remain range-bound for the time being. Expect to see BTC aim for $20,000 as bulls continue to dominate the market. Keep your eyes peeled for further updates in the coming days. The outlook for Bitcoin’s price looks positive in the near term. 

The combination of a weaker US Dollar and strong equities provides support for BTC, while technicals are also pointing to more upside in the coming weeks. If these tailwinds remain, then it is likely that we will see BTC reach $20,000 soon. Keep your eyes peeled for further updates.

Overall, Bitcoin looks set to move higher in the coming weeks and could easily reach $20,000 or more as long as fundamentals and technicals remain supportive. Keep an eye out for further updates in the near term. Meanwhile, the MACD has been looking positive for some time now and continues to point upwards – indicating that there is plenty of room for growth in the near term.

It appears that Bitcoin is set to see plenty of upside in the coming days and weeks. The two tailwinds mentioned earlier are still driving the market higher, and we expect them to continue doing so into Q3 2023. If this happens, BTC could easily aim for $20,000 in a strong move higher.

The outlook for Bitcoin remains positive and looks set to continue higher in the medium term. A combination of strong fundamentals and technicals makes BTC look like an attractive investment opportunity in this market environment. The key support levels mentioned earlier remain intact, so we expect to see more buying pressure in the coming weeks.

Conclusion

Bitcoin price sees tailwinds coming in from equities and a weaker US Dollar. This could see BTC make a pushback towards $17,000 this week and possibly aim for the $20,000 level soon. The fundamentals remain strong, and technicals are also pointing to more upside. Keep your eyes peeled for further updates in the coming days and weeks. The outlook for Bitcoin is a positive one in the near term.

Disclaimer

Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Moses Kimathi

Moses is an experienced freelance writer and analyst with a keen interest in how technology is disrupting the financial sector. He has written extensively on the subject of cryptocurrencies from an investment perspective, as well as from a technical standpoint. He has also been involved in trading cryptocurrencies for over two years.

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