Bitcoin Prices Soar: Look Out for $34k Target!

• Bitcoin’s [BTC] price action is showing signs of a possible move up to $34k.
• The US Federal Reserve’s decision to pause interest rate hikes and the Bitcoin spot ETF applications have boosted sentiment.
• To the north, important resistance levels are $32.8k, $34.5k, and $37.8k to watch out for.

Bitcoin Bulls Targeting 34K

The mean coin age of Bitcoin has been rising since late May indicating network wide accumulation and shifting market structure firmly in bullish favor amidst rising demand. The $30k area was an enormously important region stretching back to January 2021 and now a 13% move higher from current prices could establish the $16k area as a long-term bottom should trading volume and market sentiments allow for progress.

Sentiment Boosters

The US Federal Reserve’s decision to pause interest rate hikes was received well in traditional markets while Bitcoin spot ETF applications boosted sentiment further although lawsuits against some of the largest players in the market gave investors some cause for concern if it will result in another bull run like that seen earlier this year which saw BTC prices rise by more than 500%.

Technical Analysis

The daily timeframe structure break was seen on 20 June when Bitcoin exploded higher on 21 June breaking past another lower high at $28.5k establishing a strong bullish structure with a higher low still needed for confirmation which could happen at the bullish breaker block in the $27k-$28k area after a pullback – should this occur then we can expect prices to climb up towards Fibonacci extension levels at $34.2k, 32.8K, 34.5K and 37.8K all acting as resistance levels during what would be considered an uptrend before any additional rises are possible.

MVRV Ratio

The 90-day MVRV ratio climbed April highs suggesting that selling pressure might mount soon therefore traders must bear this in mind when considering trades over these coming weeks ahead of possible moves up towards higher resistance levels outlined above or potential drops down below key support areas such as the psychological level at 30K or even 25K where it currently stands today depending on how sentiment shifts once again over these coming days before we see any breakout movements made by prices either way with traders needing to keep their eyes peeled for such eventualities happening in order for them to make informed decisions about their trades going forward.

Conclusion

In conclusion, Bitcoin’s [BTC] price action is showing signs of a possible move up towards 34K with US Federal Reserve’s decision boosts sentiment and technical analysis pointing towards certain resistance levels being reached should trading volumes remain healthy enough over these next few weeks but also bear in mind that MVRV ratio suggests selling pressures might mount soon before anything else therefore traders need to pay close attention regarding how market sentiment shifts before making informed decisions about their trades accordingly going forward so they can ensure maximum profitability whatever direction prices take next time around!