Bitcoin’s price performance has been stagnant, but the bulls have managed to retain $30,000 as support after the weekly close. With hopes of a copycat movement from the previous week, U.S. markets opened with BTC circling $30,500. The on-chain analytics firm Glassnode confirms this trend can form part of a long-term shift due to the U.S. exchange-traded fund (ETF) filings. Early signs of a revival of US-led demand have emerged thanks to a gold rush of institutional-grade ETF applications filed in the US.
Decentrader has flagged a key resistance level overhead in the form of its two-year moving average (MA), which is just above $32,800. Historically, underneath the 2 Year MA has provided an excellent accumulation opportunity ahead of the following halving cycle. While others are still looking for potential opportunities to “buy the dip,” trader and analyst Rekt Capital reiterated that any potential retracements set to be shallow in nature and the overall picture for Bitcoin remained one of strength.
It’s worth noting that the article does not contain investment advice or recommendations, and every investment and trading move involves risk. Readers should conduct their research before making any decisions.
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