Bitcoin (BTC) rose more than 9% late on Monday as bulls pushed higher following a nice breakout earlier in the day.
The BTC price inched to intraday highs above $32,000 ( BTC/USD hit highs of $32,195.68 on Bitstamp) and with the current price at $31,600 (over 7.3% up in the past 24 hours), the flagship cryptocurrency is tracking its highest price in three weeks (8 May was when BTC’s daily close was higher).
BTC jumps after 9 red weeks
The top cryptocurrency’s upside on Monday follows last week’s close at $29,600 for its ninth consecutive week of downside. However, after rallying alongside US equities that also snapped an eight week losing streak, BTC continued higher after a weekend of holding the support at $29k.
According to data from CoinGecko, BTC/USD is now positive by nearly 5% on the week and 1.5% over the past two weeks.
As the market watches for signs of strength, crypto analyst Michael van de Poppe says a break above $31.1k opens up the path to a likely resistance at $32.8k. That would put Bitcoin at price levels last seen in early May, when a crashing market saw BTC/USD slump from highs near $40k to hit lows of $26.6k.
“Well, $31.1K reached for #Bitcoin. The final breaker before $32.8K. Would be great if we continue breaking out, not that much expecting it here, yet,” the analyst noted.
Another crypto analyst, the pseudonymous CryptoBirb thinks BTC bears might soon give in to the buy the dip pressure that has built over the last several weeks.
Can Bitcoin finally break higher and reclaim support above $33k as bulls eye further gains? It appears a daily close above $30k would do that. Analyst Ali Martinez says the support floor between $30k and $29k has now expanded into a demand zone, with over 2.3 million addresses buying more than 1.38 million BTC between $27.9k and $30.6k.
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