Bitcoin bulls saddle up for a move to $35,000 as Panama opens its doors to BTC

Bitcoin price prepares the steam for a move to $35,180 after the recent run-up.
The second leg up will come after a healthy retracement to the $29,100 to $30,241 buy zone.
A breakdown of the $27,708 support level will invalidate the short-term bullish thesis.

Bitcoin price seems to be slowing down after the recent rally, suggesting that a retracement is likely. A pullback will do more good than bad for BTC as it would allow sidelined buyers to step in and propel the next leg of the upswing.

While the big crypto prepares for the second phase of its bullish move, Panama city and its banks are opening up to BTC. The Panamanian financial institution, Towerbank, in particular, has turned crypto-friendly by paving a path for crypto adoption.

The vice president of product at Towerbank Gabriel Campa stated that this step would alleviate the pain points of citizens who often face setbacks using the banks. He also noted that such delays will not occur when using cryptocurrencies.

Bitcoin price prepares for next phase

Bitcoin price has swept the range high at $31,493 and is currently consolidating above it, trying to establish a directional bias. The likely move would be a bullish retracement to the $29,100 to $30,241 buy zone.

Interestingly, this area encapsulates Monday’s low at $29,288 and the one-hour demand zone, extending from $29,288 to $29,450. Therefore, the support confluence is a good place for a reversal and to kick-start a new leg-up.

The resulting uptrend is likely to propel Bitcoin price to the CME gap extending from $34,445 to $35,180. These gaps are formed since CME trading is closed on the weekends. This move would constitute a 20% ascent from the $29,288 level and is likely where the upside is capped for BTC.

BTC/USD 1-hour chart

Regardless of the optimism around Bitcoin price after the recent run-up, a breakdown of the $27,708 support level will create a lower low and invalidate the short-term bullish thesis. This development could further crash Bitcoin price by 8.6% to May 12 swing low at $25,333.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.