Cryptocurrency market have been experiencing steady growth recently, with Bitcoin making significant progress. The BTC/USD pair has Cnow witnessed a surge to its strongest levels since June 2022, with the pair now trading at 29190.04. This appreciation is backed by positive sentiment present in the market, keeping the pair away from retracement levels such as 25948, 25756 and 25358.

The bullish sentiment has been so strong that bulls are now eyeing upside price objectives based on buying pressure around 15460 and 19568.52 levels, including the 30127.80 area. As traders focus on these levels, the pair may continue to move higher towards its next objective of 29244.66, 29639.37. Furthermore, if it manages to break those levels, bulls may even target 30275.12, 30763.09 and 31477.37.

On the technical front, the 4-hourly chart's 50-bar MA is staying above the 100-bar and 200-bar MA. Similarly, the hourly chart's 50-bar MA has stayed above the 100-bar and 200-bar MA, indicating bullish sentiment in the short term. Similarly, the SlowK is ahead of SlowD in the 4-hourly chart, while the MACD is in line with the MACD average. On the flip side, however, SlowK may not remain bullish for long as the MACD in the 60-minutely chart is bearish.

Through these observations, it can be assumed that cryptocurrency market sentiment is strongly bullish. Nevertheless, traders should note that technical support exists around 25256.83/ 24224.60/ 21753.70, with resistance expected to be found around 29244.66/ 29639.37/ 30127.80. It is also important to keep in mind that the views and analysis presented here are only for informative purposes and should not be used as financial, legal or any other form of advice.



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