Bulls Attack, Bears Defend $21,000 Resistance. Who Will Win and Is the Bull Market Close?


Bitcoin has been on the rise for about 15 days, some say it's a bear trap, some say it's a fake bull run, and some say these rises are a harbinger of a bull market. It is very difficult to know who guessed correctly, so we will see who can guess correctly in the coming days. I will state my opinion on this matter below.


Bitcoin is currently trading at $20962. Although it rose to $21650 today, it returned below $21000 with the pressure of the bears. And, although **Bitcoin fell to $ 20400, it quickly rose back. I think it's normal to have price fluctuations while Bitcoin is rising like this. The bears are struggling to protect $21000 but the bulls seem quite determined to break the $21000 resistance permanently. If Bitcoin manages to break the $21000 resistance permanently, it can move towards $23000. But if it fails, it may fall back to the $20,000 support. In addition, I think that Bitcoin falling a little more can lead to faster rises.

Some traders say these spikes are a bear trap or a fake bull run. It's always difficult to predict which direction prices will move, but I disagree if it's a bear trap or a fake bull run. Bitcoin is on track to catch the longest streak ever recorded in November 2013, when it recorded significant gains for 15 consecutive days. Even when Bitcoin is moving around $ 15,500, I thought that if a bull run starts, it could be much faster than the previous ones, I stated this in my posts. My opinion hasn't changed.

Bitcoin started a successful uptrend with the start of 2023, but it is too early to talk about a bull market. I think Bitcoin needs to reclaim $30,000 first for the bull market to start. Psychologically, I think the $30,000 level is very important, and I believe it will fuel the bull run. If Bitcoin manages to break the psychological resistance of $30,000, it will accelerate large-scale capital inflows into cryptocurrencies and as a result, many cryptocurrencies could skyrocket. I believe that Bitcoin will move higher, but I believe that some altcoins in particular will accompany this rise with faster rises. That's why I closely follow some strong altcoins, especially HIVE, Ethereum (ETH), BNB, Polygon (MATIC), THORChain (RUNE). Frankly, it is too early to say whether the bull market will start and it is difficult to predict which direction prices will go. But my personal opinion is that the bull market is not far off. And what do you think?

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