Is Market Ready to Push Bitcoin Above Resistance?

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This is going to be a shorter post today, because I have some other family obligations to attend to later today (birthday party of a relative).

So, bitcoin consolidated above 30k lately, and tested the strong resistance area above 31k multiple times. True, on a low volume for now.

How is the market sentiment evolving? If we were to trust the fear and greed index, we are about half way, a little into the greed territory and holding relatively steady after the bitcoin ETF announcements were made.

For people in the market, my impression is they are in two distinct phases right now, depending on how much they were affected by the bear market and how gloomy they see the future:

  • disbelief
  • hope

Here's the wide-known explanation that goes along with each phase:

The question is, if it is wide known, will it remain true? Crypto cycles are wide known too and they remained true for quite a few cycles. So, why wouldn't market psychology follow the same cycle every time? The more people think things will be different this time around, the more they'll stay the same.

Regarding the question in the title, I think bitcoin will potentially push through the resistance area only on high volume. Until then, it's just consolidation.

Is market ready for it? Depends. Disbelievers, no. "Hopers", yes.

Posted Using LeoFinance Alpha

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19 comments
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Market sentiments are bullish, I hope we will go up after this. consolidation period has completed.

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I know disbelievers who still think we are in the bear market. Even though BTC doubled this year.

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Enjoy birthday party. Have a good day.

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Thanks. It has been fun. Catching up after a long time.

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Just dumped…

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Not really. It was just pushed back from resistance, as expected. But it is possible to go down if it won't go up.

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We're not quite yet there... I agree with you on the take regarding the current market phase. It sure feels like a mix of disbelief and hope.

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Yep, some of the disbelievers think the economy will be in far worse shape going forward and that will reflect in the evolution of crypto. If that'll be the case, it might interfere with what we expect to be the normal crypto cycle. Let's not forget that this cycle is the first time when the bear market happened during bad economic conditions.

On the other hand, we can feel the itch of banks and corporations to have a big slice of this profitable market.

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Is market trying to recover

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It looks like it's consolidating at the top, after a considerable increase this year already. If nothing bad happens, it might be pausing before pushing higher.

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The market is not in a condition to break 31500 right now because that is a very special place. Finally, it breaks it in the coming time and starts screwing up the candle, then we can safely say that the bull market has arrived.

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Looks like the market agrees that it's not ready to move up.

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It depends, but the market will always do what he wants to do. It's an irrational beast and I think we also need to see the volume go up to see people's commitment.

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Yep, I agree. Without volume, it won't go higher.

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