- 2023’s explosive start has seen BTC price increase by 8%.
- Flipping the 200-weekly Simple Moving Average ($24,646) will clear hurdles for a BTC $30K retest.
- Meanwhile, flipping the $15,443 support mark will invalidate this bullish case.
Bitcoin (BTC) has started its surge following a steep downward market correction. The latest massive upside arrives after 2023’optimistic start, though things might be fascinating if Bitcoin flops a given zone into support.
BTC Oozes Bullishness
Bitcoin price lost around 77% since its ATH of $69K. The downtrend emerged as investors took profits and the debacle of critical players within the industry amid feedback loops. Each move added more worry to the industry players, resulting in crumbles and bankruptcy filing, adding more downward strength to Bitcoin’s price.
However, 2023 arrived with upsides. That saw BTC gaining approximately 36% since the year began. Moreover, an 8% surge over the past day pushed the leading crypto beyond a crucial obstacle of $21,383. But, unfortunately, that saw the bulls left with one massive hurdle.
This resistance mark comprises a horizontal barrier near the $23,384 level and the 200-week SMA (Simple Moving Average) at $24,645. Remember, Bitcoin dropped beneath this SMA in June last year and slightly in March 2020.
A fascinating thing to note here is in BTC’s 12-year history; it has never hovered beneath this support zone for longer durations. Thus, bulls will likely eye this obstacle in the coming session. Success in flipping $24,645 into a foothold on the 7d chart will clear the road for BTC’s price to hit the hurdle at $30K.
While things look up for BTC, this represents the initial time (in the twelve-year history) Bitcoin has remained beneath the 200week Simple Moving Average for over two weeks. However, since 2022’s bearish market pushed the leading cryptocurrency under the $24,645 region, it’s a substantial move that market players should be cautious with from a macro standpoint.
Though the bullish narrative appears unfadeable, rejections at $24,645 (200-weekly SMA) will present a crucial signal for bears. Another authorization of the pessimistic picture will emerge when Bitcoin breaches the $19,301 support.
Further, a seven-day candle close beneath $15,4443 will welcome a lower low to invalidate BTC’s bullish outlook. But, unfortunately, that can trigger dips toward the lows of $11,387.