Bitcoin Price Reconquers $31k As Blackrock Resubmits ETF Proposal – Will This Propel BTC to $38k?
Bitcoin ’s bullish outlook, which firmly steadied in June, has continued into July, and according to market insights, it could propel BTC to $38,000. advertisement Based on live data from CoinGape, Bitcoin price is up 1.4% on the day, but of more importance, bulls have reclaimed resistance at $31,000 and are working on closing the gap to the next hurdle at $32,000. Bitcoin Price Triumphs As Selling Pressure Dwindles As discussed in our previous analysis, Bitcoin price was riding on a wave of several buy signals, starting with the Moving Average Convergence Divergence (MACD) indicator. In addition to flashing a buy signal in June, with the MACD line in blue crossing above the signal line in red, the momentum indicator crossed above the mean line, reinforcing the bullish outlook. BTC/USD daily chart | Tradingview Subsequently, the SuperTrend indicator also flipped below Bitcoin price, thus validating the breakout from $25,000. This indicator overlays the chart