Bitcoin is back above $30,000, hinting at bullish week ahead

Bitcoin kicked off the week in a great posture, jumping by more than 5.20% since Monday's open. The sudden bullish impulse allowed BTC to slice through the psychological $30,000 resistance barrier to hit a high of $30,980 over the past few hours. Prices have retraced since then, and now the pioneer cryptocurrency currently trades around $30,700. 

Also Read: JPMorgan says Bitcoin fair value is $38,000 under one condition.

Bulls must push Bitcoin above $30,750 again and print a four-hour close above this resistance barrier to be able to regain control over the price action. A sustained close above such a vital hurdle could lure sidelined investors to re-enter the market. The potential spike in buying pressure would likely send BTC to test the 200-hour moving average at $32,500 or the Tom DeMark (TD) Sequential's setup trendline at $34,700.  

Bitcoin price chart

BTC 4-hour chart

It is worth noting that the TD's risk line at $27,800 can serve as an invalidation point. If Bitcoin were to take a nosedive and dip below this support level, the bullish outlook would be invalidated, and a correction to $22,300 would be imminent. 

Where is Bitcoin price heading next? 

In the following video, FXStreet analysts evaluate Bitcoin price action to determine where it will go next and whether altcoins will move in the same direction:

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