Bitcoin (BTC), the leading cryptocurrency, has gained more than 7% in value this week. Breaking through the psychological resistance level of $30,000 has naturally led to an increase in FOMO among investors.
In the coming hours, a weekly closing will take place in Bitcoin. At the time of writing, there are 4 hours left for the weekly closing of BTC.
The closing, which will take place at 03:00 AM GMT on the night that connects Sunday and Monday, seems to provide critical signals for the coming weeks.
At the time of writing, BTC is trading around $30,400. If it closes above $30,000, it will achieve a first since May 2022.
Bitcoin has stayed below the $30,000 level on average for a year, and it is currently very close to achieving a weekly closing above this level.
Breaking through this resistance level could push Bitcoin up to the $31,500 - $32,500 range next week, and a breakout of this resistance zone could ignite the bull trend.
If the leading cryptocurrency closes below $30,000 tonight, it could fall back to the support level of $29,000 next week.
Although the $29,000 support level is not expected to be broken in the short term, bears could dominate at this level, leading BTC to drop to $25,000.
None of the information in this article should be considered investment advice. Everyone should take their own risk when investing.
