Bitcoin Broke Out Major Resistance Level

11 Apr 2023

Bitcoin Price Analysis: BTC/USDT Breaks Major Resistance Level, Short-Term Target Set at $31700-$32500

Bitcoin (BTC) has finally broken out of a major resistance level and is currently trading above 30,000 against the US Dollar Tether (USDT). This significant move has caught the attention of crypto traders and investors, who are now wondering what's next for the world's largest cryptocurrency.

Short-Term Target Set at $31700-$32500

According to the technical analysis of BTC/USDT chart, the short-term target for Bitcoin is set at $31700-$32500. This means that traders can expect the cryptocurrency to continue to rise towards these levels in the coming days. However, it's important to keep in mind that the cryptocurrency market is highly volatile, and unexpected events can impact the price of Bitcoin.

Strong Support at $29000 Level

While BTC/USDT is expected to continue to rise, traders should also keep an eye on the $29000 level, which is now a strong support level according to the chart analysis. This means that if the price of Bitcoin falls, it's likely to find support at this level, preventing it from dropping further.

Daily Candle Closed Above Resistance Level

One of the key indicators of the bullish trend in BTC/USDT is the daily candle, which has closed above the resistance level. This is a positive sign for traders who are looking to buy Bitcoin and ride the upward trend.

Takeaways:

BTC/USDT has broken a major resistance level and is currently trading above 30,000.
The short-term target for Bitcoin is set at $31700-$32500.
The $29000 level is now a strong support level for BTC/USDT.
The daily candle has closed above the resistance level, indicating a bullish trend.
Conclusion:

Bitcoin has broken a significant resistance level and is currently on an upward trend. Traders can expect the cryptocurrency to continue to rise towards the short-term target of $31700-$32500. However, it's important to keep in mind the volatile nature of the cryptocurrency market and to always exercise caution when investing in Bitcoin.