Bitcoin price is showing signs of a bullish resurgence, with a potential target of $35,000 on the horizon. The leading cryptocurrency is currently trending higher, up 0.8% to $29,444, amid a renewed bullish push.
Bitcoin Price Targets $35k Amid Renewed Bullish Momentum
This uptrend is grounded in the support established around $29,000, which has been instrumental in preventing declines to $28,000 and subsequently $25,000.
Bitcoin is on the move to retest the seller congestion at $30,000. The ongoing uptrend could be attributed to oversold conditions in lower timeframes, likely to result in a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
A potential bullish cross in the momentum indicator, especially on the daily chart, could further boost this upward trajectory.
Bitcoin Volume Dominance Drops
However, the consistent drop in BTC dominance volume could hinder the uptrend to $35k. Bitcoin dominance volume has been on a long-standing downtrend, dropping by 8% since the beginning of July and 27% since April. This shift in investor interest to altcoins, at the expense of BTC dominance, has been reflected across 25 centralized exchanges.
What Does This Mean for Bitcoin?
Despite the drop in BTC dominance, Bitcoin’s price recovery above $30,000 may slow down on approaching the stubborn resistance at $32,000, thus triggering a sell-off to $25,000. Therefore, while the current market conditions suggest a bullish outlook for Bitcoin, traders should prepare for a probable retracement to $28,000, while not ruling out further declines to $25,000.
Leave a comment