Bitcoin Eyes $31K as Ethereum and Link Show Promise

Bitcoin Eyes $31K as Ethereum and Link Show Promise

By: Eliza Bennet

With Bitcoin's price gaining momentum above the $30,000 resistance, indicators are pointing towards a rally that could see the cryptocurrency rise further towards the $31,200 level. This trend is strengthened by key bullish support near $30,000, with a 40% pump in Chainlink's (Link) price and a decent increase in Ethereum (ETH) observed.

Given Bitcoin's recent strength and the positive sign of interest rate-sensitive assets such as gold seeing bullish momentum, many observers are optimistic about Bitcoin's potential to reach the $31k marker. Bitcoin's recent price trajectory is of particular significance since the $30,000 mark is both a psychological milestone and a technical resistance point, influencing investor sentiment and impacting price movements.

While Ethereum is showing promising signs following Bitcoin's lead, the altcoin's performance may be reliant on whether it can clear key resistance near $1,750. Meanwhile, Link holders are also cautiously optimistic, as the token started a decent increase above the $10.00 resistance. The token could continue to climb towards the $11.25 and $12.00 resistance levels, provided it retains momentum.

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