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<\/p>\nThe price of Bitcoin surged by an impressive 7% this week, allowing the cryptocurrency to break the previous channel it was trapped inside to push above $30,000 and hit a fresh ten-month high not seen since June 2022.<\/p>\n
The move upward surprised many analysts, who were previously expecting BTC to pull back toward $25,000 before heading higher. Nevertheless, the swing higher has allowed BTC to break the previous structure and set fresh highs for 2023 as it looks to continue its recovery from its disastrous performance in 2022.<\/p>\n
With Bitcoin heading higher, we decided to look at where the resistance is on the way back toward $40,000. Meanwhile, it seems that some traders are securing profits from this move and investing in the next memecoin sensation before it explodes higher.<\/p>\n
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The price of Bitcoin is now up by a whopping 46% over the past month of trading. The cryptocurrency previously struggled to break resistance around $29,000 as it was stuck at this level since mid-March. The breakout occurred yesterday as BTC soared beyond $29,000 and continued higher to break $30,000.<\/p>\n
Today, BTC continued upward to meet resistance at $30,300 – provided by a trend line that has been in play since January 2023. The latest move has revived the bullish narrative for BTC as traders believe that the number one ranked cryptocurrency can continue to surge through April as it makes its way toward $40,000.<\/p>\n
The impressive growth for BTC in Q1 2023 has allowed the asset class to beat the average return of the five major stock indexes. While BTC surged by an impressive 170% over the period, the major stock indexes only managed to increase by an average value of 5.5%.<\/p>\n
With the Silvergate Bank, Signature Bank, and Silicon Valley Bank collapse reminding investors about the fundamental weaknesses of the global economy, the narrative surrounding inflation might be starting to settle.<\/p>\n
Over the past two years, rising costs of goods and services forced central banks worldwide to increase their interest rates to try and curb consumption. As a result, the US Federal Reserve started to hike interest rates at its most aggressive pace since the 1980s, pushing the current interest rate to around 5%.<\/p>\n
Although we\u2019re not yet out of the woods, there are hints that the inflation fear might be starting to ease. For example, the February CPI report – released last month – indicated that inflation in the US slowed from 0.5% to 0.4% monthly and from 6.4% to 6% yearly. As a result of this CPI report, BTC managed to surge past $26,000 to hit the previous resistance, beneath $29,000.<\/p>\n
Now, traders will keep their eyes on the US CPI report, expected later this week. If the CPI suggests that inflation is heading back toward the Federal Reserve\u2019s 2% target, we can expect BTC to continue its upward trajectory and head higher.<\/p>\n
\nAnother #Bitcoin<\/a> indicator hints at explosive growth!<\/p>\n
Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains.<\/p>\n
aSORP recently moved above 1, suggesting $BTC<\/a> readies to go parabolic \ud83d\ude80 pic.twitter.com\/gSYubuvgu1<\/a><\/p>\n
— Ali (@ali_charts) April 9, 2023<\/a><\/p><\/blockquote>\n