Crypto markets are on the rise with the prices of the majority of cryptos maintaining a good rise. Bitcoin The price looks set to surpass $31,000 in the next few hours after making a monthly high at $30,985. Additionally, the bearish momentum appears to have weakened greatly. As a result, it is possible that the price will continue a steep rise until the end of the month.
Spherical crypto- With an increase in market capitalization of over 2.5%, levels rose to over $1.16 trillion. Additionally, BTC dominance has been rising for several days. Moreover, it marks monthly highs above 51.2%. Therefore, it is possible that the inflow of liquidity is primarily into Bitcoin and therefore the BTC price may experience a significant breakout.
However, it is possible that this will take longer than expected as the price may not break the resistance all at once.
The current trading pattern shows that BTC price is struggling with recent resistance that has acted as a barrier all year. Markets seem to be on the rise right now. However, it is still possible that the price cannot break the resistance at once. It is possible for it to capture liquidity instead. Moreover, it is likely to return for some retest towards intermediate support levels. It is possible that the BTC price, which is closer to a parabolic recovery, may experience a pullback.
The daily RSI has risen to overbought levels. This suggests that a small pullback may be fast approaching. Therefore, the price is ready to follow the upward consolidation to reach $31,000 just as it did to surpass $30,000. It is believed that by the end of the month, BTC price will rise above the levels and close the trade around $31,150.
Koinfinans.com As we reported, you can access the current market movements here.