The recent upswing has raised the Bitcoin price slightly above the bearish influence as it crossed one of the important barriers. With this, the optimism around the token and the entire crypto market appears to have grown to some extent. As the price reached beyond $29,000 for the first time since mid-August, traders placed massive short bets. Hence, it is believed to be one of the biggest bullish indicators as the short positions fill up.
The BTC price in the past few days has been displaying huge bullish momentum, as it has been maintaining an ascending trend since the September lows. Although the volume has been consistent ever since the price faced its first plunge of the year in March 2023, the price has now risen beyond the pivotal technical levels. Hence, a bullish close for the week above these levels may trigger a notable upswing soon!
The BTC price has surged above the pivotal 200-day MA levels in the long term after acting as resistance since August lows. The rise in the past few days has elevated beyond these levels, suggesting the last quarter of the year could be bullish until the BTC price trades above. Besides, the DMI continues to remain bearish in the long term, indicating the probability of a fresh descending trend.
However, in the short term, the Bitcoin price appears to be fighting crucial levels, as a retest of around $27,700 could still be possible amid a strong ascending trend. Once the BTC price soars and sustains above $28,800, the bulls could further raise it to close to $30,000 in just a matter of time. On the other hand, historically, the token appears to be at the foothills of a massive explosion.
The price broke out from the descending trend after forming a constant lower low and high and hence if a similar price action repeats, Bitcoin price could trigger a fine bull run in the coming days.
