The crypto markets have turned bullish as the prices of the majority of the cryptos have maintained a decent upswing. After marking fresh monthly highs at $30,985, the Bitcoin price appears to be poised to surpass $31,000 in the next few hours. Besides, bearish momentum seems to have weakened to a large extent, and as a result, the price could maintain a steep upswing till the end of the month.
With the rise of more than 2.5% in global crypto market capitalization, the levels have surged beyond $1.16 trillion. Besides, BTC dominance has been soaring for a few days now, marking monthly highs above 51.2%. Therefore, it can be assumed that the liquidity inflow is primarily into Bitcoin, due to which the BTC price may experience a significant breakout.
However, this may consume more time than expected, as the price may not break the resistance at once.
The current trade setup indicates that the BTC price is fighting the final resistance, which has been acting as a hurdle for the entire year. The markets appear to be bullish at present, but still, the price may not break the resistance in one go. It may rather grab liquidity and turn back down for some retest towards the interim support levels. The BTC price, which is closer to accomplishing a parabolic recovery, may experience a pullback.
The daily RSI has surged to overbought levels, which suggests a minor pullback could be fast approaching. Hence, the price is primed to follow ascending consolidation to reach $31,000, as it did to surpass $30,000. By the end of the month, the Bitcoin (BTC) price is believed to rise above the levels and close the trade around $31,150.
