As the week comes to an end, traders are expecting the usual price trend of a weekend surge. BTC did as expected as it extended its upward momentum to its ten days. It is safe to conclude that the last seven days have been the most bullish the month’s beginning.
The price rally that started last week saw BTC slowly climb to $40k. The price surge that took place in the last 24 hours saw the coin get a clear breakout from its recent price pattern. As seen in the chart in the chart below, the trend started towards the end of May. This price pattern continued until bitcoin broke out over the last 24 hours.
More good news from the largest crypto as the breakout above $42,000 ensures the coin hit a 60-days high of $42,411. Interestingly, the king coin flipped its first pivot resistance at $41,329. Bitcoin trading above the first pivot resistance is a bullish sign that shows the bulls edging in the struggle for dominance.
The current surge is renewing calls of BTC hitting three figures before the end of the year. Is the largest crypto by market cap safe from dipping to $30k? The 50-days EMA is slightly tilting up-a a major improvement from the EMA movement after the death cross. The EMA uptrend will continue if the buyers can sustain the surge that was seen over the last ten days.
As of the time of writing, the fear and greed index has increased a great deal compared to last week. Currently, greed is returning to the market after its disappearance for more than three months. The fear and greed index reading is currently at 60 and more than 150% of 22 last week.
BTC has to flip the second resistance at $47,755 to get more distance from $30,000. For now, a slip below the $30k mark is unlikely. An intense price dip will see BTC above $35,000. The weekend, bitcoin may trade above $43k.
