June 22 (Cointime) - Bitcoin has risen over $5,000 in the past week and is now trading at $30,000, which is significant because it has turned momentum on monthly price charts bullish for the first time since August 2021. The cryptocurrency is also back above a technical resistance level that has prevented a bull run for several months, which could lead to further gains.
The recent increase has triggered a potential bullish crossover on the LMACD, but a monthly close is needed to confirm this. Technical analysts believe that a confluence of signals, including the monthly Bollinger Band basis line, could lead to Bitcoin reaching its next target of $50,000 per coin.
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