Bitcoin Live News: BTC Price Will Surpass $37,000 By End Of July If This Happens

[ad_1]

Bitcoin is currently enjoying a decent surge, as the cryptocurrency has attempted to maintain its gains from a recent rally. However, it needs additional catalysts to maintain its upward momentum. Last month, Bitcoin’s rally above the crucial $30,000 level was driven by news from BlackRock and other companies asking for spot Bitcoin exchange-traded funds (ETFs).

This development has raised expectations of increased participation by retail and institutional investors in the cryptocurrency market. Bitcoin managed to break above the $31,000 mark, reaching its highest level in 13 months. However, the cryptocurrency then suffered a reversal. While Bitcoin is struggling with short-term resistance, Ethereum is experiencing bearish divergence.

According to a new video from Crypto World, Bitcoin, at the time of writing, is still in a larger multi-month uptrend. However, a confirmed break above a significant resistance level around $31,000 is needed to validate the bullish momentum. To confirm a break above $31,000, a weekly candle above this level is needed. If that happens, the next target based on Fibonacci extensions would be around $37,000.

However, he said that BTC is currently facing rejection from a resistance level near $31,300. Multiple rejections over the past two weeks suggest this level is significant. Moreover, an area between $30,800 and $31,000 can also serve as short-term resistance based on previous highs. On the support side, the range between $29,900 and $30,100 is important, with $30,000 being a critical level.

Speaking of Ethereum, he said it was still in a larger multi-month uptrend. Higher lows and higher highs over longer timeframes indicate ongoing bullish momentum. However, like Bitcoin, Ethereum is experiencing short-term bearish divergence, signaling reduced bullish momentum.

[ad_2]