{"id":21735,"date":"2023-06-21T14:18:20","date_gmt":"2023-06-21T14:18:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/technical-breakout-points-to-rally-to-34k\/"},"modified":"2023-06-21T14:18:20","modified_gmt":"2023-06-21T14:18:20","slug":"technical-breakout-points-to-rally-to-34k","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/technical-breakout-points-to-rally-to-34k\/","title":{"rendered":"Technical breakout points to rally to $34k"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687355908760-ba852c4f-4b0d-4d1f-87c5-4636e653d33d-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687355908760-ba852c4f-4b0d-4d1f-87c5-4636e653d33d-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687355908760-ba852c4f-4b0d-4d1f-87c5-4636e653d33d-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1687355908760-ba852c4f-4b0d-4d1f-87c5-4636e653d33d-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin\u2019s breakout to $29k comes after bulls established $26,190 as a key support zone.<\/li>\n<li dir=\"ltr\">If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50.0% retracement of $34,280.<\/li>\n<li dir=\"ltr\">Bitcoin traded at around $29,030 on Monday morning after spot ETF news sparked by BlackRock\u2019s filing aided bulls\u2019 upside momentum.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin (BTC)<\/a> broke above a key downtrend line as it rose past the $28k level on Tuesday. In reaching the $29k area, BTC pushed well beyond the recent hurdle and now has a key support line of $26,190.<\/p>\n<p dir=\"ltr\">Analysts have pointed Bitcoin\u2019s break of a multi-month downtrend as a bullish move that puts the top crypto asset on the verge of retesting the $30k level. Can it go higher than its year-to-date highs above $31k?\u00a0<\/p>\n<p dir=\"ltr\">The technical picture based on the Fibonacci model suggests it could pump beyond its YTD highs.<\/p>\n<h2 dir=\"ltr\">Bitcoin price to $34k next?<\/h2>\n<p dir=\"ltr\">While Bitcoin is clearly not in a bull market yet, the potential for a burst is looking likely as a confluence of positive factors align. Given, regulatory headwinds, including the SEC\u2019s lawsuits against Binance and Coinbase, continue to hover over the market.<\/p>\n<p dir=\"ltr\">However, the resilience shown over the past weeks and renewed optimism as major financial institutions embrace crypto has bulls poised and a break to $30k is very much on. Can it go to $34k next?<\/p>\n<p dir=\"ltr\">According to Glassnode, an on-chain and financial metrics data provider, this robust support is at the -61.8% golden ratio Fibonacci retracement. If the price pushes higher and establishes a clear upward trend, it\u2019s likely bulls will retest the bears\u2019 resolve around $34,280.<\/p>\n<p dir=\"ltr\">This would be the next direct resistance zone, Glassnode pointed out on Wednesday, putting this possible supply reload zone at the -50% Fibonacci retracement level.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib\" style=\"width: 800px\"><span class=\"fr-img-wrap\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/05\/21\/1687355028824-0a7e3b79-879c-4a64-90c8-1fb541e904f8.png\" style=\"width: 800px\" class=\"fr-fic fr-dib\" width=\"800\" height=\"353\"\/><span class=\"fr-inner\">Chart showing Bitcoin Fibonacci retracement levels from its all-time. Source:<a href=\"https:\/\/twitter.com\/glassnode\/status\/1671494336226250752\/photo\/1\" rel=\"noopener noreferrer\" target=\"_blank\">\u00a0<u>Glassnode<\/u><\/a><\/span><\/span><\/span>Having survived the negative sentiment that surrounded the SEC\u2019s crackdown, the current wave of buy pressure could bring two other major resistance areas into play.<\/p>\n<p>Veteran trader Peter Brandt <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1671211853895041038\" rel=\"noopener noreferrer\" target=\"_blank\">believes<\/a> the breakout shifts the \u201cburden of proof\u201d to the bears as he suggests a rally to above $37k is possible. Meanwhile, Glassnode identifies the -38.2% and -23.6% Fibonacci retracement levels of $42,370 and $52,380 respectively as key hurdles.<\/p>\n<\/div>\n<p dir=\"ltr\">Currently, BTC\/USD is trading at $29,030, about 8% up in the past 24 hours and nearly 12% higher over the past week.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-price-outlook-technical-breakout-suggests-btc-rally-to-34k\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin\u2019s breakout to $29k comes after bulls established $26,190 as a key support zone. If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50.0% retracement of $34,280. Bitcoin traded at around $29,030 on Monday [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":21736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21735"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21735"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21736"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}