Bitcoin Soars 20% in a Bullish Breakout, Traders Targeting $31k

The prices of Bitcoin (BTC) are up by 20% in the past seven trading days, breaking above several resistance levels.

Trading above $30k, buyers are back in the equation, and the trend is in sync with that of March to April 2023. As it is, the immediate support level is $28.3k

Therefore, every attempt lower and within the June 21 bar may offer entries for buyers angling for even more gains in the near term. 

On the upper end, Bitcoin has resistance at $31k, and any breakout above this liquidation line may pump BTC towards $32.5 and $35k in a buy trend continuation formation.

Institutions Are Ready 

Several factors may offer support for Bitcoin in the days ahead. First, the United States Securities and Exchange Commission (SEC) endorsement could open up more liquidity for the coin. 

Already, Tether Holdings, the issuer of USDT, the world’s most liquid stablecoin, said in May that it would be buying BTC from a portion of its profits. 

They believe the coin is a valuable asset and are also diversifying their reserves. At the same time, several institutional players on Wall Street are already applying for a Bitcoin spot exchange-traded fund (ETF). 

The ETF, should it be approved, will mean institutional players with billions can confidently get exposure in Bitcoin in a regulated manner. One of the big names involved is BlackRock, whose application for a Bitcoin ETF, analysts said, pumped crypto prices.

Bitcoin Price Analysis

Bitcoin Price Daily Chart on June 23

BTC is within a bullish breakout formation, with the June 21 bar anchoring the current formation.

The June 21 bar wasn’t verified even after yesterday’s gains. It is considering the tight trade range of the last 24 hours and low trading volumes.

Still, as BTC is firm and above $30k, aggressive traders can look to buy the dips above $28.3k and within the June 21 bar, targeting $31k.

The wide-ranging bars and the bull bar along the upper BB support this preview, suggesting high demand and volatility.

Any drop below $28.3k with expanding volumes could slow down the uptrend.

Technical charts courtesy of Trading View.

Disclaimer: The opinions expressed do not constitute investment advice. If you wish to make a purchase or investment we recommend that you always conduct your research.

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