Bitcoin (BTC) has ended the month on a good footing as analysts identified a good technical setup that may lead to further gains. One of the most popular crypto strategists, Michael van de Poppe, referred to the monthly candle as phenomenal, indicating that the market is going to a new level of strength.
Following weeks of consecutive gains, Bitcoin is currently poised for a crucial short-term consolidation before it can reach new heights.
Key Resistance at $117K
Van de Poppe says that the immediate resistance traders should observe is at the level of $117,000. According to the analyst, this is essentially the last zone before Bitcoin can be able to enter the uncharted and approach a new all-time high.
Although there is still a lot of optimism, it may be anticipated that consolidation will take place in the coming days as the market digests the recent gains. A sustained breakout above 117,000 would almost certainly validate an additional increase in Bitcoin’s price.
Indicators Support Bullish Momentum for Bitcoin
Technical indicators are recording better conditions. The Relative Strength Index (RSI) is at 59 today, up from 54 in the last three weeks, indicating that it has the momentum and has yet to reach the overbought status.
This slow ascending of the RSI indicates that Bitcoin can yet gain momentum, in line with the forecast of Van de Poppe, who believes that there could be a breakout following a short period of consolidation.
Altcoins See Strong Gains
In line with the rise of Bitcoin, altcoins are also getting significant returns. Ethereum is currently priced at $4,750, which reflects the overall market strength in the crypto market.
Meanwhile, Tether (USDT) dominance has reduced to 4.2, which is a phenomenon commonly viewed as a positive sign towards altcoins, as it implies that money is being invested in other assets.
This move into altcoins further suggests that the market is at a robust growth stage with several assets participating well in the boom.
Altogether, the bullish monthly close with the favorable technical indicators and strength within all the altcoins indicate that the market is preparing to move up. Should Bitcoin be able to roll through $117,000, analysts say that the stage may be set for a move to $128,000 in the near future.
