Bitcoin has been making headlines again as it soared past $30,000, while First Republic Bank (FRC) hit a new record low. the short term outlook for Bitcoin looks promising as it filled the gap created and is currently forming a falling wedge. This indicates that a breakout could lead to a gap being filled above. However, if there is a breakdown below $27,000, this could invalidate the current prediction.
Bearish market sentiment has been prevalent recently, but it’s worth noting that when bears are euphoric, it often means that bulls will step in and liquidate late shorts. Bitcoin has once again touched $30,000 despite calls for $25,000 and $18,000, and while it may not be considered a bull market, traders must still respect the current uptrend.