At the time of writing, the Bitcoin price is approaching the $29,000 level as it continues to surge and reach new all-time highs on a daily basis.
Analysts have been predicting that the Bitcoin price could reach as high as $50,000 in the coming months, with some predicting that it could go even higher.
However, before that happens, there are some key areas where the Bitcoin price could experience some resistance.
Firstly, the $30,000 level is seen as a major psychological barrier for Bitcoin and will need to be broken for the price to surge higher.
Once that level is surpassed, the $31,000 and $32,000 levels could be the next resistance points as Bitcoin continues to climb.
If Bitcoin does manage to break these levels, then it could push towards the $34,000 and $35,000 levels, which could form the last major resistance points before reaching the $50,000 milestone.
In addition, traders will also want to keep an eye on the daily moving average (MA) as Bitcoin approaches the above-mentioned levels to identify any potential shifts in sentiment.
If the Bitcoin price manages to close above a 100-day or 200-day moving average, it could be a solid sign of further price appreciation.
In the end, the key levels to watch out for Bitcoin as it approaches the $29,000 level are $30,000, $31,000, $32,000, $34,000 and $35,000. These levels represent important resistance points that must be broken in order for Bitcoin to continue its surge and reach higher milestones.
