- Bitcoin price pops back above $30,000 in early Monday trading.
- A big wave of risk-on sentiment is rolling through the markets and seeing rallies in risk assets.
- Expect to see a continuation this week as markets get used to the current tail risks fading.
Bitcoin (BTC) price is set to rally and say goodbye to the $30,000-marker for a long time. An early summer rally is underway in several risk asset classes like stocks and cryptocurrencies. The shift in sentiment comes as several tail risks have been further deflated last week with more and more signs of a resolution to the Ukraine conflict, as well as inflation issues and Covid lockdowns getting unwound in Asia, which could filter into BTC price for at least a 20% rally.
BTC price set for a hot summer
Bitcoin price has made a big move in early Monday trading this week as bulls start buying massively, with an uptick of over 3% in ASIA PAC. As several risk elements are being downgraded, more room has been opened up for upside potential that is not going unnoticed by bulls, and by investors sidelined for too long this year. Expect to see this rally being stretched and moving further, at least throughout this week, as more dollar weakness is set to kick in and open up even more room to the upside for BTC price to rally.
BTC price will first face $31,231.98, just above the monthly S2 and trading in the previous distribution zone, which should be favourable in lifting the price quite quickly towards $32,649.28. Then a relatively wide area is open for the taking with only the monthly S1 around $34,483.61 in the way before hitting the cap at $35,725.02 on the 55-day Simple Moving Average (SMA), which has been keeping price action muted since April. So, expect to see some profit-taking around that level before possibly rallying higher.
BTC/USD daily chart
With several historic pivotal levels nearby, the risk could easily be that a firm rejection at a level could trigger a setback for Bitcoin price action. For example, $31,321.98, together with the monthly S2, is a double cap that could see a massive inflow of bears and squash bulls’ uprising. That would mean that price tumbles back below $30,000 to test $28,695.13 to the downside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin and Shiba Inu Price Forecast: DOGE and SHIB show early signs of a bullish breakout
Dogecoin (DOGE) and Shiba Inu (SHIB) show early signs of a potential rally as both meme coins stabilize at key support levels. On-chain metrics for dog-themed meme coins show positive funding rates and dormant activity, reinforcing bullish sentiment. The technical outlook also supports the case for double-digit gains.
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple: BTC inches toward all-time high, ETH and XRP defend key support levels
Bitcoin (BTC) price stabilizes at around $106,400 at the time of writing on Wednesday, just 3% shy of its record peak. Ethereum (ETH) and Ripple (XRP) hold strong above their key support levels.
US lawmakers question SEC Chair Atkins over President Trump's meme coin ties with Justin Sun
The Securities and Exchange Commission (SEC) Chair Paul Atkins sat with House of Representatives members at Tuesday's House Appropriations Committee hearing to discuss the agency's stance on President Donald Trump's affiliated meme coin launches and the Trump family ties with Justin Sun.
Ethereum Price Forecast: ETH holds steady at $2,500 despite increasing selling pressure
Ethereum (ETH) held steady above $2,500 on Tuesday despite investors stepping up their selling pressure with high profit-taking and loss realization activity. Ethereum saw another round of rising selling activity on Tuesday, following a decline across the Mean Coin Age metric of short-term holders (STHs) and long-term holders (LTHs).
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.