• Bitcoin price has surged past $20,000 for the first time since early November.
• Bulls have $24,000 in sight, but first, they must disperse the seller congestion zone at $21,000.
• A daily close above the 200-day EMA would be crucial for Bitcoin price as bulls push for another sharp move to $24,000 and $30,000.
The cryptocurrency market has been on a tear over the past few weeks, with Bitcoin leading the charge. After reaching its all-time high of $20,000 in late November, Bitcoin has found some support, and as of writing this, it is trading at $20,720. This marks a two-month high and has investors around the world wondering if Bitcoin can reach $30,000 by the end of the month.
Bulls are hoping to push Bitcoin’s price past $24,000, but there is a seller congestion zone at $21,000 that needs to be overcome first. If Bitcoin can break through this zone, it would be a major sign of strength, and many believe that this could open the door for a move to $30,000.
Altcoin Sherpa, a popular crypto analyst and trader, has said that investors should consider taking profits at the 200-day Exponential Moving Average (EMA). He believes that the overall move looks a bit overextended and that a pullback should be coming. However, he does not think that this is the overall macro bottom.
For Bitcoin to confirm a macro bullish outlook, a daily close above the 200-day EMA would be necessary. This would also be crucial for Bitcoin price as bulls push for another sharp move to $24,000 and $30,000. If Bitcoin can make it through the seller congestion zone at $21,000 and break through the 200-day EMA, it could set off a new wave of buying that could make $30,000 a reality by the end of the month.
Ultimately, only time will tell if Bitcoin can reach its next milestone of $30,000 by the end of the month. If Bitcoin can break through the seller congestion zone at $21,000 and the 200-day EMA, it will be a major sign of strength that could pave the way for a new wave of buying and a move to $30,000.