This is going to be a shorter post today, because I have some other family obligations to attend to later today (birthday party of a relative).

So, [bitcoin](https://leofinance.io/@leoglossary/leoglossary-bitcoin) consolidated above 30k lately, and tested the strong [resistance](https://leofinance.io/@leoglossary/leoglossary-resistance-technical-analysis) area above 31k multiple times. True, on a low [volume](https://leofinance.io/@leoglossary/leoglossary-volume) for now.

 https://images.hive.blog/DQmZgyr98Bu5ifMRFmSPXxb617wtREJ4GzNR88vQK6RzuJh/image.png 

How is the [market](https://leofinance.io/@leoglossary/leoglossary-market) sentiment evolving? If we were to trust the [fear and greed index](https://alternative.me/crypto/fear-and-greed-index/), we are about half way, a little into the greed territory and holding relatively steady after the bitcoin [ETF](https://leofinance.io/@leoglossary/leoglossary-exchange-traded-fund-etf) announcements were made.

 https://images.hive.blog/DQmR2Y5fFUbGpqA6qWQS4kydPo6rBS7Cz2rwyhu9J23jEXs/image.png 

For people in the market, my impression is they are in two distinct phases right now, depending on how much they were affected by the [bear market](https://leofinance.io/@leoglossary/leoglossary-bear-market) and how gloomy they see the future:
* disbelief
* hope

Here's the wide-known explanation that goes along with each phase:

 https://images.hive.blog/DQmTJXXSKqVmYiVbeH5T28NxoqVaE3WYd1bMkR6fMhbDa8P/image.png 

The question is, if it is wide known, will it remain true? [Crypto](https://leofinance.io/@leoglossary/cryptocurrency) cycles are wide known too and they remained true for quite a few cycles. So, why wouldn't market psychology follow the same cycle every time? The more people think things will be different this time around, the more they'll stay the same.

Regarding the question in the title, I think bitcoin will potentially push through the resistance area only on high volume. Until then, it's just consolidation.

Is market ready for it? Depends. Disbelievers, no. "Hopers", yes.

Posted Using [LeoFinance Alpha](https://leofinance.io/@gadrian/is-market-ready-to-push-bitcoin-above-resistance)