Delving deep into Bitcoin's chart once again, we've uncovered a hidden secret level that has significant implications. The 31,000 Level stands as a crucial threshold separating the bullish and bearish sentiments. Notably, BTC has recently reclaimed this level after a staggering 532 days of trading below it since the breakdown in May 2022.
This level's significance dates back to its initial breach in December 2020. Despite several attempts to break it down, each time the price dropped, swift buying pressure emerged, maintaining BTC above this level for approximately 497 days before its breakdown.
Our comprehensive analysis highlights key levels to monitor, emphasizing internal and external supply and demand zones, and assessing their respective strengths.
The bullish territory resides above the 31k Bridge, marked with vibrant GREEN, signifying potential bullish momentum. Beyond this lies the Extreme Bullish Zone, hinting at the possibility of new All-Time Highs (ATH).
Conversely, the Bearish Zone, represented by Faded RED, resides below the 31k Bridge. Below it lies the Extreme Bearish Zone, signaling a treacherous market territory. Given BTC's current adoption trends, revisiting this level seems doubtful.
Attached to this analysis is one of our legendary posts that accurately forecasted the bottom and speculated on the timing of the ATH.
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Enjoy the bullish BTC wave while it lasts.
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