BTC is currently located in an increasing trend for a week an even managed to overcome a significant one resistance. However, the question remains whether this breakthrough was sufficient and whether buyers found the strength to push the price even higher. Dominance meanwhile, it continues in a corrective structure and is currently at 42.97%.
On the chart below, we can see that the rising trend is not over yet and we are watching another one target at the level of 25,500 dollars. There are also positive bullish volumes, which accompany the growing trend. What, on the contrary, is not positive is the size of their volumes. Despite the fact that they are growing, we cannot consider them significant.
Source: TradingView
BTC has ended its sideways movement
Although the volumes are small, they indicate that the initiative was taken by buyers in the short term. However, we are far from a trend reversal, and for that the price would have to surpass $32,000. Moreover, by breaking the zone around $22,000, the sideways structure that lasted for a month ended.
To summarize the current situation, we are still bullish in the short term. But from a medium-term perspective, it is risky to say that BTC has reached absolute bottom. It is still missing bullish strength and current growth is only short-term. In the long term, we are also staying bullish.
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