Bitcoin has been extremely bullish since the beginning of March, as it surged by more than 45% in the first fortnight. The bulls, who are gaining back their dominance, are slowly uplifting the BTC price toward new yearly highs. After the recent upswing, the bulls appear to have exhausted themselves but have successfully held the price above the interim support levels.
Meanwhile, the BTC price is again approaching the crucial $28,000 mark, signaling the possibility of a continuation of a bullish trend ahead. With the recent upswing, The BTC price has broken above the weekly 200-day MA levels and is poised to head toward the crucial resistance at $29,000. However, the weekly chart displays the possibility of reaching close to $40,000 but only after a correction to $25,000
The past week turned out to be extremely bullish for Bitcoin as multiple banks collapsed, shaking the financial system of the country. The price is now approaching the psychological barrier at around $29,821, securing which may trigger a massive bull run toward $40,000. However, before approaching the barrier ahead, a minor pullback toward the immediate support at the 200-day MA at $25,445 appears to be imminent.
Bitcoin has never been so bullish in the past 18 months, and hence the pullback may not last for long. Therefore, the price is not expected to maintain a firm upswing until it reaches the $30,000 barrier, and on reaching these levels, it may experience a notable pullback towards $25,000 to $26,000 before making a larger move beyond $30,000.