Bitcoin's price has broken above the psychological resistance level of $30K per coin for the first time since June 2022. This marks a significant milestone for Bitcoin, as $30K was the level of support that the cryptocurrency bounced back from after being rejected from $65K.
Historically, reclaiming former support-turned-resistance levels has signaled the start of a new bull run, and this could be the case for Bitcoin as it looks to establish a new bullish trend.
Technical analysis suggests that reclaiming the A-wave support is the first step in establishing a new bullish trend, and the onus is now on bulls to hold the resistance level and flip it back to support.
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