It’s indeed a bullish year for the crypto market as major crypto assets reached new highs. Bitcoin has hit new highs every month of this year except for May when a retracement occurred from April’s high of $31,000. The current 2023 high stands at $31, 850, which was reached on July 13. Price retraced as it went down to $28,929 to form a new support. The current price of Bitcoin as of this writing is at $29,305.
We might be seeing a rally back to the year’s high at $31,850 which also stands as the current resistance level. Even better, the rally could break this resistance to the upside. On the daily chart, RSI indicates that price has been overbought and price is currently in the lower region of the Bollinger bands. The weekly chart is yet to show that price is overbought, but it has been oversold since June 2022. As Bitcoin rallies, other crypto assets could rally in the coming days. We could see Bitcoin above $32,000 for the first time since May 2022.
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