BTC/USD made today a breakout of the static resistance in are 31,070 and is trading near its intraday high at 31,306, up 3.86%. The bullish move is a consequence of both technical and fundamental events for the cryptocurrency that unfolded this week after a wave of pessimism for the whole industry.
The breakout is almost parabolic and seems following a similar pattern of the previous ones happened this year on January and on March. This month bullish leg is built on eight consecutive positive candlesticks.
Next key level at 36,615, the 38.2% Fibonacci retracement of the downtrend November 2021 – November 2022. A trading range is also possible but with prices below 28,400 sentiment could turn neutral.
