Bitcoin sails past $30k, but how far can BTC go from here?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin dominance metric has been rising since September 2022. Each strong move upward on Bitcoin was accompanied by a rise in this metric, which highlighted the fact that capital flow was likely directed toward BTC in the market.

Read Bitcoin’s [BTC] Price Prediction 2023-24

If this were the case, a breakout past $30k meant BTC bulls could make large gains in the coming weeks.

Despite facing FUD, Bitcoin continued to consolidate around the $28k area before heading higher.

A move downward will likely cause large liquidations, making a deep pullback a likelihood. Traders can remain bullish until a drop below $26.8k, which would shift the structure to bearish.

Source: BTC/USDT on TradingView

In May and June of 2022, Bitcoin was trading at the $28.8k-$32k region. This area also represented the lows of a range that BTC established in 2021. Therefore, it is a zone of resistance on the higher timeframe charts.

However, the king of crypto had a strong bullish impetus throughout 2023, interrupted by some severe pullbacks such as the early March drop to $20k. The move back above the $25.2k level and the recent breakout past $28.8k-$29.2k meant bulls remained dominant.

To the north, the $32k area was highlighted in red to show a daily bearish order block. Above that, the next significant resistance lay at $37.5k-$38k.

Back in May 2022, BTC crashed straight below $38k to end up at the $30k support, which supported the idea that significant resistance might not impede BTC bulls on the way up to $38k.

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In the 1-day timeframe, both the