Bitcoin is currently trading above $29,000 and is struggling to sustain momentum in the lower timeframes. After the recent rejection of $30,000, the price dropped close to $27,300. Presently, the BTC price is again approaching the crucial resistance and appears to be able to achieve these levels with less effort. But the question remains, will the rally maintain its strength or face another rejection?
Star crypto has undergone huge turbulence in recent times as the prices have been pulled multiple times from their recent highs. However, the market sentiments continued to remain bullish as the traders were quite optimistic about the impending BTC price rally. Therefore, they continued to hold the token instead of falling into the trap of a panic sale.
According to the data from Glassnode, the holder accumulation has been extremely strong for the last few months and hence may continue to maintain a fine upswing with no signs of distribution.
The strong accumulation could have offered the required base for the star crypto, which has been rallying lately. Besides, the current trading setup flashes signals of the revival of a bull run in the coming days. A popular analyst, TAnalsyst says that the bull run begins every 1430 days and that the recent rebound may have ignited the upward trajectory. Moreover, the upswing is triggered when the RSI (1000) is between 49.5 and 50.
Collectively, the current upswing is required to rise above $30,000 and sustain itself, aiming to achieve new highs above $31,000. This will be when the bulls may utilize all their strength to maintain a healthy upswing and clinch the higher target that could expand to $50,000 before the end of 2023.