Will Bitcoin Cross $30K This October?
Last night in the Asian markets, Bitcoin skyrocketed to form a massive green candle with a 2.52% jump in BTC price. As for why Bitcoin is rising – the US lawmakers have asked the SEC to approve Bitcoin spot ETFs already, saying there’s no good reason to keep denying them.
With the overnight sharp move in Bitcoin, even the altcoins market, fueled by the positive sentiment, took a reversal spin.
With the sharp recovery, Bitcoin undermines the short-term correction trendline and gives a bullish breakout. This ends the recent streak of lower high formations in BTC price and challenges the confluence of the 50 and 200-day EMAs.
Furthermore, the crypto price action shows a potential inverted head and shoulder pattern in the daily chart. With shoulders at $26K and head at $24,939, the neckline comes around the $27K barrier.
Currently, the BTC price trades at $26,975 with an intraday fall of 0.19%, reflecting the higher price rejection above the EMAs. This increases the likelihood of a trendline retest before starting the uptrend.
Moreover, the chances of Bitcoin spot ETF being approved by the SEC in October are extremely high. Therefore, a sentiment-driven rally or a hopium rally in BTC price is possible days before the actual decision.
Technical indicators:
Relative Strength Index: The daily RSI line continues to move upwards and approaches the overbought territory.
MACD: MACD and signal lines maintain a positive trend with rising bullish histograms as they avoid a bearish crossover.
Therefore, the momentum indicators display a bullish point of view.
Is BTC Price Ready To Cross The $27K Barrier?
With the overall market sentiments improving and the rising trend momentum, BTC price may soon exit the bearish influence. The EMA breakout seems imminent, propelling Bitcoin higher to the $30K mark. On an even brighter side, if the SEC approves the Bitcoin ETF, the price may skyrocket to the $35K mark.
On the bottom side, a breakdown below $26,274 can lead to a nosedive to $25,600 or $24,900 in a worst-case situation.
Bitcoin (BTC) Price to Surge Above $30K in October – Predicts Crypto Analyst
Bitcoin’s price in 2023 has been marked by volatility and uncertainty. While recent setbacks have raised concerns, technical analysis, and market factors indicate the potential for a bullish trend. Popular analyst Michael Van De Poppe has shed light on Bitcoin’s recent trend and has also opened up about the potential levels.
Bitcoin started 2023 on a positive note, gaining an impressive 83% to reach a high of $31,035. However, it faced a setback in mid-August, witnessing a 7.2% drop in less than 24 hours, from $29,000 to $26,000.
Several factors are influencing Bitcoin’s price movements in 2023. The European Central Bank’s decision to raise the interest rate has contributed to the strengthening of the US dollar. Additionally, inflation data and labor market strength in the United States have impacted market sentiment.
Poppe said, “You can see that we’re building a beautiful range, which means this is very much comparable to the price action we witnessed in 2015. Let’s go there. Here [in 2015] we had been establishing a range of sideways action for a long time, and couldn’t break through it until the pre-halving run took place.”
Bitcoin’s price action has shown signs of consolidation and range-bound trading. It has rebounded from key support levels, indicating the potential for an upward move. One crucial level to watch is $26,800, which, if broken, could lead to consolidation before a potential breakout.
The trader believes that Bitcoin could potentially reach $45,000 before the next halving event, which seems likely. In simpler terms, the trader expects Bitcoin to go up to around $32,141 in the next month, then dip to approximately $28,700 before making a move to higher prices.
At the time of writing, Bitcoin is trading at $26,300 and is down by more than 2 percent in the last 24 hours.
Will Bitcoin (BTC) Price Spike To $30K in Coming Week? Glassnode Co-Founder Weighs In
Despite increased regulatory scrutiny in the U.S., Bitcoin stands strong at $26,305, reflecting a 0.48% increase over the past 24 hours. This stability comes just ahead of the release of the U.S. Consumer Price Index (CPI) data. It was indeed worrisome as this raised enhanced volatility on Wednesday when the US CPI numbers came out, especially since they were slightly higher than expected. However, that wasn’t the case, though, and BTC maintained $26,000.
Glassnode Co-Founder Foresees Bitcoin Breakout at $30K?
Yann Allemann, co-founder of analytics firm Glassnode, foresees Bitcoin on the brink of a significant breakout towards the $30,000 mark. As Bitcoin reclaims support above $26,000, market sentiment surrounding the cryptocurrency turns increasingly positive.
Moreover, the analyst sees these temporary resistance and profit-booking pressure may pop up around $27,400 and $28,200, these are viewed as stepping stones before Bitcoin reaches the psychologically significant $30,000 level.
BTC Price Action Analysis
Bitcoin’s price has been exhibiting an interesting trend. Bitcoin’s current market capitalization surpasses $514 billion, with a 24-hour trading volume of approximately $8.16 billion, underscoring its substantial footprint in the cryptocurrency market. Despite the recent daily death cross between the 50 and 200 moving averages, there’s a notable rising divergence in the daily Relative Strength Index (RSI).
Overall, Bitcoin remains resilient, approaching $26,305 amid regulatory challenges faced by Binance and Coinbase. Positive sentiment is looming, and recent CPI data and a strong market cap contribute to its stability. It has the potential for further upward movement, targeting the $30,000 mark according to Yann Allemann of Glassnode.
Bitcoin (BTC) Price Won’t Surpass $30k Again Anytime This Year – Predicts Analyst
Renowned crypto analyst, Mags, has recently shed light on Bitcoin’s current market scenario, drawing comparisons to its 2019 behavior. According to Mags’ analysis, the digital currency may not breach the $30,000 mark again for the entirety of 2023, hinting at a potential rebound only in early 2024.
Echoes from the Past
In a reminiscent twist to 2019, Bitcoin seems to be replaying a similar pattern. Three years ago, after moving below its Bull Market Support Band, Bitcoin’s price lay dormant for almost an entire year before resurging. Presently, as Bitcoin drifts away from its Bull Market Support, Mags predicts it might hover between the $22,000 and $30,000 bracket for the remainder of this year.
At the time of writing this article, the crypto giant stands at $26,007. On August 23rd, it made an unsuccessful attempt to overcome a resistance at $26,833. This signifies that market pessimists are capitalizing on any price surges. Consequently, Bitcoin’s value remains trapped, fluctuating between $24,800 and $26,833.
Bulls vs Bears: The Tug of War
Consolidation near a range’s support traditionally denotes a bearish aura. The reason? It points to the absence of robust buying momentum from optimistic traders. This sentiment is further solidified by the descending 20-day Exponential Moving Average (EMA) marked at $27,463 and the Relative Strength Index (RSI) reflecting an oversold market – clear indicators that pessimists have the reins.
If Bitcoin’s price spirals below the $24,800 mark, it could activate multiple trade stop losses. This cascade could propel Bitcoin toward a significant support point at $20,000. On the brighter side, any move beyond the 20-day EMA could signal a resurgence, potentially steering the currency towards the 50-day Simple Moving Average (SMA) benchmarked at $29,055.
Bitcoin’s journey, often marked by its volatile nature, has always kept the global community on its toes. One thing is clear though – eyes will be on early 2024 for a possible revival.
Bitcoin Price Analysis: What Next For BTC Price? $20K or $30k?
The crypto market experienced significant turbulence with a billion-dollar loss within a day, leaving crypto assets in a precarious position. Bitcoin’s current value of approximately $26,000 reflects a complex interplay of factors that have triggered widespread selling among traders.
One pivotal factor is the Grayscale versus US SEC case regarding a Bitcoin Exchange-Traded Fund (ETF), which lacks clarity and has contributed to market uncertainty. SpaceX’s move to write down $373 million in Bitcoin reserves has further added to this uncertainty. Additionally, China’s Evergrande group filing for bankruptcy has intensified the sell-off pressure.
Bearish Scenario
Despite these challenges, Bitcoin managed to recover to $26,171, showing a modest daily gain of nearly 1%. However, the weekly decline of over 10% raises concerns among investors.
Market sentiment is mixed, with oscillators signaling a ‘buy’ sentiment while moving averages lean towards a ‘sell’ sentiment. A crypto analyst named El crypto prof notes that the recent sell-off has driven Bitcoin’s Relative Strength Index (RSI) to its lowest level in over 20 months, suggesting potential overselling. Historical correlations between BTC’s RSI dropping below 30 and subsequent price movements show rebounds ranging from 28% to an impressive 60%, indicating a potential future rebound.
Experts advise investors to watch the critical support zone around $25,000, as a breach below this level could lead to further losses. Amidst ongoing regulatory developments and external trends, Bitcoin’s future rally could be fueled by factors like potential ETF approval and the upcoming 2024 halving event. Analysts and traders remain vigilant for signs of the market’s next major move.
Bullish Scenario
However, not all analysts share the optimism. Peter Brandt expresses doubts about Bitcoin’s recent rebound, labeling it as “very suspicious.” Brandt’s caution suggests a potential bearish trend ahead.
Although August exhibited stable price movements, September historically hasn’t been favorable for Bitcoin. With these uncertain dynamics, the question of whether history will repeat itself next month looms large.
Bitcoin Price Forecast for Next Week: BTC Eyes $30K Volatility as Open Interest Nears 1-Year High
As the sun sets on another volatile week for Bitcoin, traders are preparing for yet another ride in the upcoming days. As the open interest (OI) metric has touched its 1-year high, Bitcoin (BTC) is on the edge of seeing significant price volatility, and it’s looking towards the $30K mark next week.
Traders Are Unhappy With SEC
Bitcoin traders are currently dissatisfied with recent price movements, especially given the price’s failure to cross the $30,00 threshold in the past few weeks. This disappointment deepens as many applications for spot Bitcoin exchange-traded funds (ETFs) are experiencing delays or remain under regulatory scrutiny.
Interestingly, there’s been a marked increase in open interest (OI) for Bitcoin futures contracts, suggesting a heightened demand from institutional investors. According to CryptoQuant’s data, the OI metric is currently trading at $10 billion after touching nearly 1-year high of $10.4 billion recently. This level was last seen in 2022’s November when BTC price broke above the $20K mark.
However, the price couldn’t maintain its upward momentum because of FTX’s downturn that time. Now the same level has been reached again and traders are optimistic about a potential bullish comeback next week.
Open interest refers to the total number of outstanding derivative contracts, such as futures and options, that haven’t been settled. A surge in this figure suggests an increased activity in the market and can be a precursor to potential price movements, especially when combined with volume.
The fact that Bitcoin’s open interest has hit a 1-year high is a strong indicator that traders are increasingly hedging their positions or speculating on the price movement. It’s a sign that the market is gearing up for a significant move toward its psychological level of $30K.
What’s Next For BTC Price?
Bitcoin attempted to surge past the $30K level this week but failed to gain buying momentum near higher levels as bears are taking advantage of upticks to sell. As of writing, BTC price trades at $29,424, surging over 0.1% in the last 24 hours.
The price variance of the BTC price has become narrower, consolidating between $29,300 and $29,500. With both moving averages leveling off and the relative strength index (RSI) hovering around the midpoint, it hints that this sideways movement might continue for a while.
Predicting the breakout’s direction is challenging when prices remain within such a tight range. Nevertheless, traders should anticipate a clear move next week.
A dip below $29,100 could push the price towards the range bound zone between $28,300 and $28,700. On the flip side, if the price breaks and holds above $30,200, it might set the stage for a rise to $31,500. Clearing this barrier could pave the way for an ascent to $32K.
Bitcoin Reclaims $30k Mark, Altcoins Show Signs of Rebound Amidst Banking Sector Struggles
Late Tuesday, fears of a further decline in Bitcoin and altcoin prices subsided as Bitcoin briefly rallied above the $30k threshold. After weeks of consolidation around $29k since July 24, Bitcoin bulls flexed their muscle, leading to a surge that liquidated over $36 million from short traders within 24 hours. This renewed vigor in the crypto market comes in the wake of mounting pressures on the banking sector, which has struggled to post profits in the second-quarter earnings reports.
“Bitcoin stands strong amidst the turmoil. The once-tight correlation between the stock market and Bitcoin appears to be loosening, with Bitcoin emerging as a beneficiary of the banking industry’s challenges,” observed Greg Magadini, Director of Derivatives at Amberdata, in a conversation with CNBC.
Concurrently, the altcoin market has experienced a surge in confidence as Bitcoin garners increasing favor among institutional investors, notably BlackRock, MicroStrategy, and PayPal.
Examining Altcoin Performance On-chain and Price-wise
A recent on-chain analysis conducted by market intelligence platform Santiment has shed light on the ripple effects of Bitcoin’s price resurgence above $30k. This surge has breathed new life into the crypto market, triggering heightened optimism among FOMO (Fear of Missing Out) traders who are actively seeking profitable trade setups. Santiment’s scrutiny of leading digital assets highlighted significant gains for Solana (SOL), Toncoin (TON), and Hedera (HBAR) within the last 24 hours.
Likewise, even the second-largest meme coin, Shiba Inu (SHIB), marked notable gains over the past day. These gains are propelled by anticipation surrounding the imminent launch of the Shibarium network.
In summary, the recent resurgence of Bitcoin above the $30k mark has injected renewed confidence into the crypto market, prompting a potential turnaround for various altcoins. As traditional banking struggles persist, Bitcoin’s resilience and its decoupling from stock market trends position it as a unique asset, attracting both retail and institutional investors alike. As the market landscape evolves, all eyes remain on how these dynamics will shape the future trajectory of both Bitcoin and the broader altcoin market.
Trader Tone Vays is bullish on BTC Below $30k!

Noted trader Tone Vays has stated that he remains bullish on Bitcoin, despite the flagship cryptocurrency lingering below the $30,000 mark. Vays, whose statements have often impacted cryptocurrency prices in the past, made the remarks in a recent video that he shared with his 122,000 YouTube subscribers. In the clip, Vays revealed that he believes Bitcoin’s value will continue to rise as long as it remains above the $28,000 support level.
BTC Price Analysis: Here’s How Bitcoin Is Preparing A Price Jump Above $30K This Month!
Maintaining a sideways trend for the past ten days, the Bitcoin price action forms a range-bound movement between $29,000 and $29,800. The Bitcoin price action fails to exceed the $31,474 mark resulting in a bearish retracement.
Currently, the Bitcoin price trades at $29,092 and struggles to cling to the 50-day EMA, with an intraday fall of 0.25%. The buyers attempt to avoid a bearish breakdown of the consolidation range and resurface above the 50-day EMA.
With a closing price of $29,170, Bitcoin was at its lowest closing level in 44 days. This brings the oldest crypto close to its annual support trendline and hints at a new higher low formation. The ascending support trendline highlights the higher low formation in Bitcoin prices since the start of 2023.
The bearish breakout seems imminent, catalyzing a Bitcoin price drop to the support confluence of the 23.60% Fibonacci level and the trendline.
Analyzing the higher high formations, the Bitcoin prices bounce back from the 50% or 61.80% Fibonacci level of the previous price spike. And as per the bull run in late June, the 50% Fibonacci retracement level coincides close to $28000.
Moreover, the declining trend in the intraday trading volume during the retracement phase projects weakness on the bearish side. The RSI indicator also depicts a bullish divergence in the recent range bound movement, highlighting a possibility of a bullish reversal.
In case of a bullish reversal, the Bitcoin prices can reclaim the 50-day EMA and challenge the $29,800 resistance level before reaching the $30,000 mark.
However, a prolonged downtrend can challenge the bullish dominance of the $28,000 mark in case of a bearish outcome. The Bitcoin prices can plunge to the $25,000 support level, accounting for a drop of almost 12% from the current market price.
Bitcoin’s $30K Uncertainty, Ripple’s $0.8 Ambitions and DigiToads Presale’s $7M Target
The constant volatility in the cryptocurrency market has caused the prices of the top crypto coins to fluctuate, resulting in the current landscape. As investors and enthusiasts closely monitor the unfolding events, three critical updates have emerged, capturing the crypto community’s attention. These recent developments surround three prominent digital assets: Bitcoin (BTC), Ripple (XRP), and the emerging DigiToads (TOADS). Bitcoin’s uncertain journey near the $30,000 mark, Ripple’s ambitions to reach $0.8 amidst an ongoing legal battle, and DigiToads’ zealous presale target of $7 million have all fueled the already sizzling market.
The crypto space has become a vibrant arena, offering both opportunities and challenges for market participants. DigiToads remains a unique value proposition, drawing attention from investors excited about the prospects of this blockchain ICO and what it could mean for their portfolios. This article will explore these captivating developments, shedding light on their potential implications and the factors driving their significance.
DigiToads (TOADS): Soaring Towards a $7M Presale Target
As DigiToads gears up to make its mark with a promising DeFi ecosystem backed by trending NFTs, more investors are gaining interest in the token. This rising star in the cryptocurrency sphere has recently announced a staggering presale target of $7 million. This ambitious goal has garnered attention from enthusiasts eager to participate in this blockchain ICO.
The presale journey of TOADS has been nothing short of remarkable, with a vibrant community of supporters rallying behind the project. As anticipation builds for the launch, set for the 21st of August, the DigiToads’ ecosystem, infused with its unique and innovative features, memes, and gamification elements, is taking centre stage.
At the heart of DigiToads’ value proposition lies its NFT integration, setting it apart from other cryptocurrencies in the market. The project aims to revolutionize the DeFi landscape, providing a fresh and engaging platform for users to mint, trade, and interact with trending NFTs inspired by captivating memes.
The community’s response to the announcement of this target has been overwhelmingly positive, reflecting the growing interest and confidence in DigiToads’ potential to disrupt the market. Over 371 million TOADS tokens have been sold, with the project raising over $6.4 million, setting it on the right path to achieve its target.
With its clear vision, unique offerings, and strong community support, DigiToads is poised to significantly impact the cryptocurrency market. As the project’s presale journey continues, all eyes are on DigiToads to deliver on its promises and carve a successful path in the rapidly evolving realm of cryptocurrencies.
Bitcoin (BTC): Navigating the Uncertainty of the Crypto Market
As the cryptocurrency market experiences a wave of uncertainty, all eyes are on Bitcoin, the pioneer of digital assets, as it hovers around the $30,000 mark. The coin’s fluctuations have left investors and traders on edge, pondering the next move for this enigmatic digital currency. While some experts remain optimistic about its long-term potential, others are cautious about the short-term challenges Bitcoin faces.
The ongoing fluctuations in Bitcoin’s price have sparked debates and discussions across the financial community. With the reputation of BTC as a store of value and a potential hedge against inflation, its performance carries significance beyond the crypto realm. Many analysts believe that regulatory developments and market sentiments will play crucial roles in shaping the future path of BTC.
Ripple (XRP): Ambitious Aspirations Following Partial Victory
The blockchain-based payment protocol Ripple found itself amid a high-stakes legal battle with the U.S. Securities and Exchange Commission (SEC) that lasted about three years. Despite this legal challenge, Ripple has not shied away from setting ambitious goals, with its sights firmly set on reaching $0.8 per XRP token after attaining a partial victory in the court’s rulings.
Amid the uncertainties, Ripple faces potential challenges and opportunities to achieve the $0.8 target. The outcome of this legal battle has set crucial precedents and guidelines for other digital assets aside from XRP, influencing how they are classified and regulated by financial authorities.
Conclusion
The crypto market remains a rollercoaster of uncertainty and ambition. DigiToads’ presale target of $7 million reflects its determination to carve a unique path in the DeFi space, capturing the attention of a growing community. Meanwhile, Bitcoin’s oscillations around the $30,000 mark raise questions about its future. Amidst legal battles, Ripple’s resilience in aiming for $0.8 symbolizes the grit of the crypto world. As each project charts its course, the broader implications ripple through the industry, influencing investor sentiment and shaping the regulatory landscape for years. In this dynamic ecosystem, one thing remains certain: the journey of these top crypto coins is as thrilling as unpredictable.
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Bitcoin Consolidates at $30k, Analysts Predict Bullish and Bearish Scenarios For BTC Price
Bitcoin’s recent rally to a new high of approximately $31.8k last week has been followed by a retracement to the previous consolidation level of around $30k. However, it appears that Bitcoin is making an effort to break free from the support/resistance level at $31k, which could result in a significant movement in either direction. While there are bullish indicators pointing to a potential rally towards $40k in the coming months, a weekly death cross between the 50 and 200 Moving Average suggests a possible correction below $25k.
Renowned crypto market analyst AlanSantana, who boasts nearly 120k followers on TradingView, believes that Bitcoin’s market is teasing a reach towards $35k in the coming months. With $31k proving to be a strong resistance level, Analyst anticipates Bitcoin price to consolidate in the coming weeks, allowing altcoins to take center stage.
Last month, the analyst had previously predicted an impressive rally towards $35-38k, but recent changes in market fundamentals have altered this outlook. The ongoing SEC vs. Ripple summary judgment has triggered a bullish sentiment for altcoins, as evidenced by a decline in Bitcoin dominance, which stood at around 50 percent on Monday.
In contrast, the TOTAL2 index has been consolidating around the same level over the past year, indicating a potential reversal in the market. This reversal follows reduced returns and increased mainstream adoption, driven by improved regulatory clarity.
As Bitcoin battles resistance at $31k, altcoins are gaining momentum, driven by shifting market dynamics and regulatory developments. Bitcoin’s future trajectory remains uncertain, with analysts presenting both bullish and bearish scenarios. Traders and investors will be closely watching for any significant developments that may shape the cryptocurrency market in the months ahead.
Bitcoin Price Forecast Next Week: Will US CPI Push BTC Price Above $31,500 Or Plunge Below $30K?
As we approach the end of another tumultuous week filled with several macro events, all eyes are on Bitcoin (BTC), the digital gold standard of the crypto market. As the US CPI data is set to be announced on 12 July, investors wonder whether it would boost the BTC price or bring a severe plunge below $30K.
Bitcoin Investors May Enjoy A Profitable Week
The CPI data, a widely watched inflation indicator, has been a significant influence on Bitcoin’s price movements. Last month, US inflation slid to a two-year low of 4%, down from 4.9% in April. This is a significant decrease from a year ago when the US Consumer Price Index (CPI) hit its peak at 9.1%. Despite this, core prices have remained somewhat sticky, slipping back to 5.3% from 5.5%.
The Federal Reserve’s continued hawkish stance has led to a sharp reversal in the slide in yields that resulted from these numbers. With another rate rise expected later this month, this week’s CPI numbers are unlikely to influence the Federal Reserve’s actions in the immediate two weeks.
However, they might provide some insight into whether we can anticipate another rate hike in September. The June CPI is projected to slow further to 3.1%, with core prices expected to slow to 5%.
Experts posit that an increase in the Consumer Price Index (CPI) could lead to heightened volatility in the cryptocurrency market. However, this doesn’t automatically mean losses for crypto traders.
However, day traders can use CPI data to their advantage. They can long or short Bitcoin during market dips or highs, often triggered after CPI news, and sell when the market stabilizes, turning a profit.
What To Expect From BTC Price?
Bitcoin recently managed to climb back above the $31,000 mark, only to face significant selling pressure that drove the price down to the 100-day exponential moving average (EMA) at $30K. As of writing, BTC price trades at $30,262, declining over 0.2% from yesterday’s rate.
However, a rebound off the 100-day EMA indicates a bullish sentiment, with traders seizing minor dips as buying opportunities. This increases the likelihood of a surge past the resistance zone of $31,200 to $31,500.
If this occurs, we could see Bitcoin price on a journey toward the $40,000 mark. While the bears may attempt to defend this upward movement at $32,500, the buying force is expected to prevail.
On the flip side, if the price dips and breaches $29,600, it would imply that the bears are in control. This could potentially lead to a drop to the support zone at $26,500.
Bitcoin Drops to $30K After Stellar ADP Report Bolsters Fed’s Rate Hike Prospects! Here’s Next Level for BTC Price
In the wake of some bearish trading sessions, Bitcoin has once again showcased its stability, despite a recent dip. This decline came on the heels of a robust ADP report that has increased the likelihood of the Federal Reserve hiking rates. Interestingly, Bitcoin holders have continued to demonstrate their trust in the digital asset by holding onto their investments, even as the cryptocurrency reached a 13-month high of $31.5K. This steadfast confidence has ignited a fresh wave of optimism in the market, with many experts forecasting a potential rebound for Bitcoin.
Bitcoin Gains Support From Market Leaders
Despite the recent rally observed in Bitcoin’s value, on-chain data reveals a continued decline in the cryptocurrency’s supply on exchanges. This information, provided by on-chain analytics company Glassnode, indicates that withdrawals from exchanges have persisted.
As the Bitcoin rally commenced this year, the exchange balance metric began to stabilize, indicating a resurgence in selling interest. Prior to the peak in April, exchanges experienced a net increase in deposits, leading to a direct rise in their supply.
However, in a fascinating twist, the recent price increase beyond the $30,000 mark has not triggered a selling spree. Instead, the exchange balance has continued to decrease, suggesting that investors are holding onto their assets despite the price surge.
Glassnode’s co-founder, known as “Negentropic” on Twitter, suggests that Bitcoin’s current sideways trading could be setting the stage for a bullish surge toward $34,000. He notes that the ongoing range-bound trading between $31,250 and $29,640 allows for a consolidation period, potentially fueling positive momentum.
With the Swissblock Risk Signal remaining at zero, he indicates there’s still potential for upward movement, potentially breaking above $31,250 and targeting resistance levels at $33,000 and $34,850.
What’s Next For BTC Price?
Today, Bitcoin managed to surpass and maintain a closing above the $31,500 mark, although the bulls failed to capitalize on this momentum, indicating that the bears are still in the game. BTC’s price quickly declined following the ADP report, and it broke below the $30.5K mark. As of writing, Bitcoin price is trading at $30,087, declining over 1% in the last 24 hours.
The 100-day exponential moving average at $29,997 is a critical level to monitor on the downside. A rebound from this level would imply that bulls are seizing the opportunity to buy on the dips.
This could potentially boost the chances of breaking through the overhead zone of $31,500 to $32,500; however, it may encounter significant resistance from the bears. If bulls become successful in pulling the price, the BTC price could escalate to $40,000.
However, this optimistic outlook could be short-lived if the price takes a downturn and drops below $29,948. This could potentially drag the price down to the crucial support zone near $27K.
Bitcoin Holds the $30K Level Strongly: Here’s How BTC Price Will Trade Next
In the midst of market volatility, Bitcoin shows a solid stability by holding the $30K threshold. This trend is mainly boosted by Fidelity’s strategic move to file for a Bitcoin ETF, which could potentially catalyze a bullish trend. Furthermore, predictions from a Bloomberg analyst suggest that BlackRock, the world’s largest asset manager, may soon receive SEC approval for its Bitcoin ETF and improve Bitcoin’s market position. However, as Bitcoin ascends, it encounters resistance with significant selling pressure at higher levels, putting traders in a confused zone.
Bitcoin’s Recent Selling Pressure Worries Bulls
In the Bitcoin mining industry, recent anomalous trends have piqued the interest of cryptocurrency enthusiasts. Notably, there has been an uptick in exchange transactions, with Bitcoin miners transferring an unprecedented volume to exchanges.
From June 15, a mass exodus of assets from exchanges by miners has been observed, with a total of 33,860 BTC transferred to derivatives exchanges. However, around 8,000 Bitcoins have seemingly vanished from miners’ wallets permanently. This activity is generally interpreted as a significant increase in selling pressure on Bitcoin, often considered a strong bearish indicator.
Glassnode, an on-chain analytics platform, reported in a tweet that Bitcoin miner revenue sent to exchanges had reached an unprecedented high. The platform highlighted an “extremely high exchange interaction,” with Bitcoin miners having transferred a record $128 million to exchanges in the past week, equivalent to 315% of their daily revenue.
During the 2021 bull run, there were several instances of increased miner revenue sent to exchanges as miners capitalized on profits. A significant inflow was also observed in late 2022 when markets reached their cycle low.
However, the recent surge significantly surpasses previous spikes. Typically, miners transfer BTC profits to exchanges when they intend to liquidate their holdings to cover expenses and secure profits. This results in a selling pressure when Bitcoin touches a resistance level or new high.
Will BTC Price Break Below $30K?
Bearish traders are vigorously protecting the $31,000 level, while bullish traders are preventing the price from falling below $30,000. This suggests that buying activity is prevalent at lower levels, while selling is taking place at higher levels. As of writing, BTC price trades at $30,330, declining over 1.3% from yesterday’s rate.
A slight consolidation near $30,800 suggests that bullish traders are not keen on taking profits just yet, anticipating further upward movement. The ascending 20-day EMA at $30,464 and the relative strength index (RSI) nearing the overbought territory suggest that the path of least resistance leans towards the upside.
If bullish traders drive the BTC price beyond the resistance zone of $30,800-$31,400, it would indicate the commencement of the next uptrend phase. While there is minor resistance at $32,300, it may not significantly hinder the price. Surpassing this resistance could pave the way for a surge toward $40,000.
Bitcoin Enters Beast Mode as it Heads Toward $30K! Will BTC Spot ETF Applications Fuel Further Rally?
Bitcoin has once again captured the attention of investors and enthusiasts. The leading crypto asset is making a roaring comeback, entering what can only be described as “beast mode” as it surges toward the $30,000 mark. The question on everyone’s mind is whether the ongoing rally will receive a further boost from spot ETF applications to surpass the $30K level or witness a severe plunge from bears.
Bitcoin Investors Turn Greedy
Bitcoin’s price experienced a remarkable overnight rally, fueled by a wave of spot ETF applications from industry giants like Invesco and WisdomTree. This surge in applications has not only injected renewed optimism but has also provided a significant sentiment boost to the crypto market.
Recent data reveals a notable shift in Bitcoin investor sentiment, with greed making a comeback for the first time since May. The surge in Bitcoin’s price, surpassing the $29,000 mark, has propelled the current sentiment to a value of 59 on the Bitcoin Fear & Greed Index. This indicates that a significant majority of investors are currently driven by a sentiment of greed.
According to a report by Kaiko, BTC trading volume among US investors has experienced a significant surge, increasing by 44% compared to its January figures. This shift in Bitcoin trading volume indicates a renewed interest in BTC and a tendency to move away from altcoins.
The implications of this trend are evident in the differing performances of Bitcoin and altcoins. While Bitcoin has enjoyed an impressive rally, altcoins have not experienced the same level of upside. Consequently, it is reasonable to assume that the majority of the current rally will be concentrated on Bitcoin, suggesting the potential for further upward movement from this point onwards.
Is BTC Price Ready For $30K?
After establishing a solid support base above the pivotal $26,800 level, the price of Bitcoin embarked on a new rally, successfully surpassing the resistance zone at $28,400 and then surpassing the $29K mark.
This breakthrough opened the path for a sustained upward movement, carrying the price beyond the $29.5K mark. In fact, it even reached a high of $29,637, and it is currently preparing for another boost toward $30K.
As of writing, BTC price trades at $29,440, surging over 10% in the last 24 hours. The bulls are presently creating significant buying pressure, potentially intensifying the ongoing trend and propelling the price of BTC to test and validate a bullish rally above the 23.6% Fibonacci level from its current price.
If the price surges past the crucial level at $30,134, Bitcoin will continue to head toward its next resistance at $31,338. However, bears are expected to bring significant selling pressure above $30K to prevent any new rally. A rejection near the $30K level will send the BTC price to $27.5K.
BTC Price Analysis: Analyst Anticipates Potential Bitcoin Short Squeeze to $30K
There’s a compelling forecast in the air as a renowned crypto trader anticipates a vigorous rise in Bitcoin’s (BTC) value to the $30,000 mark. Inmortal, the pseudonymous analyst suggests that a potent short squeeze could be the primary driver behind this Bitcoin rally.
Short Squeeze — The Rally’s Main Engine
Short squeezes have a critical role in such bullish predictions. For the uninitiated, this market phenomenon occurs when traders borrowing an asset to sell it at a lower price—aiming to gain from the price difference—find themselves compelled to buy back the borrowed assets. This is a response to the market momentum turning against them, causing further price rallies.
Currently, Inmortal observes the market at a crucial point. “Price at support. No momentum. Both sides trying to position themselves here for the next big move,” he comments, drawing attention to the potential for a squeeze which would drastically increase Bitcoin’s liquidity up to the monthly open.
A Potential Dip Before the Surge
While Inmortal’s predictions point toward a significant BTC rally, he does not ignore the possibility of a sizeable correction beforehand. According to his analysis, Bitcoin might see a corrective movement pushing its value down to around $22,000 before any upward surge takes place.
Understanding the Market Indicators
Inmortal’s forecast aligns with various indicators. Bitcoin’s price fractal hints at an impending breakout, although the recent price increase on May 22 met with selling pressures, resulting in a 3% drop. The Relative Strength Index (RSI) also displayed a rejection after touching the mean level.
The Awesome Oscillator (AO) is currently retesting the midpoint. A breakthrough of the $26,555 support level could lead to a slide down to $25,175, Bitcoin’s immediate foothold. In the worst-case scenario, BTC could drop as far as the $23,052 barrier, signifying losses of 6% and 14% respectively from the current $26,761 price level.
However, this pessimistic outlook could be invalidated if BTC decisively turns the $28,051 hurdle into a support level, potentially propelling it up to the $30,287 mark.
At the time of writing this article, Bitcoin was trading at $26,713.
Bitcoin Live News: BTC Price Eyes $30k as Fed Steps Up to Save More Banking Crisis
Bitcoin price bounced back above $29k on Thursday after the United States Federal Reserve announced the third 25 basis point hike on Wednesday. The banking sector in the United States has been on the receiving end YTD with four banks – including Silvergate Capital, Silicon Valley Bank, Signature Bank, and First Republic Bank – going underwater. While the crisis might be far from over, the large banks including JPMorgan, and Bank of America among others have significantly benefited from large deposits.
Nevertheless, more investors have preferred self-custodial through Bitcoin among other digital assets. Thereby contributing to the recent spike in the value of the top digital assets.
“We expect to see significantly more volatility in the months ahead, especially if there are any further aftershocks in US regional banking or concerns around the state of commercial property loans,” said Tommy Honan, head of market analysis at crypto exchange Swyftx.
$25k or New ATH for Bitcoin this Year?
With macro analysts and economists convinced the global market is headed for a recession before the end of this year, the big question is how Bitcoin and the altcoin market will perform. Meanwhile, Bitcoin price has consolidated between $30k and $27k since mid-March. As more crypto traders jumped into the meme coins wagon, especially PEPE and WOJAK, Bitcoin bulls struggled to push beyond $30k.
The tug-of-war between the bulls and bears has, however, increased the uncertainty of Bitcoin’s next trend. Moreover, there is a solid likelihood of Bitcoin retesting $25k before continuing with the previous bullish outlook. On the other hand, there is a significant chance a breakout toward $33k could happen in the coming days or weeks.
BTC Price Analysis: Bitcoin Bull Run Fades Below $30k Amid U.S Banking Crisis
Bitcoin price edged higher on Wednesday to temporarily revisit $30k. However, the increased sell pressure pulled the asset down to close the day on a long-legged doji candlestick, which signifies indecisiveness between bulls and bears.
The daily volatility came amid renewed fears of United States banking collapse after First Republic Bank (NYSE: FRC) shares dropped 30 per cent on Wednesday. As a result, FRC shares are down more than 95 per cent YTD.
Notably, the bank announced in its first quarter earnings results that deposits declined more than 35 per cent in the first quarter compared to the same time last year. However, the bank anticipates being bailed out by the Fed in a similar version to Signature Bank and Silicon Valley Bank.
Closer Look at Bitcoin Market Outlook
With increased daily volatility, more than $178 million in the Bitcoin market has been liquidated in the past 24 hours. About 51 per cent of Bitcoin liquidations in the past 24 hours were long traders, thus displaying the intensity of the tug-of-war between the bulls and bears.
According to market intelligence platform Santiment, the low Bitcoin address activity amid next week’s FOMC statement sent shockwaves among many traders. Moreover, there is a high potential for an imminent recession before the end of this year.
Price Analysis
According to a popular crypto trader Jason Pizzino, all eyes are on today’s daily close. Essentially, if Bitcoin price closes Thursday trading above $29k, the bulls will have the upper hand in the coming weeks. On the other hand, if Bitcoin price closes below $29k, crypto traders will be looking at a possible head and shoulder formation that leads to further market capitulation.
Bitcoin Soars Past $30K! Is This The Spark For A Widespread Altcoin Rally?
After a period of downward volatility and uncertainty, Bitcoin enthusiasts have reason to rejoice as the world’s leading cryptocurrency has recently broken past the crucial $30,000 mark. The recent surge has investors and market analysts speculating on whether this could be the catalyst that triggers a significant rally for altcoins as well.
Bitcoin’s Bullish Rally Sparks Buying Pressure For Altcoins
The cryptocurrency market has bounced back from last week’s downturn, with a boost in positive sentiment among traders leading to increased buying pressure. Bitcoin’s price has leaped more than 5%, surpassing the crucial $30,000 mark, while Ethereum’s price is also aiming to reclaim the $2,000 threshold.
Bitcoin’s price experienced a boost as First Republic Bank’s stock took a hit, with shares of FRC plummeting nearly 50% in the past 24 hours. This steep decline contributes to a staggering 93.32% drop since the beginning of March for the bank.
Remarkably, despite the bank’s stock plunge, the US dollar index remained unscathed – a silver lining amidst waning confidence in the currency. In a twist of events, Bitcoin price experienced a direct boost from these developments, soaring past its much-anticipated level of $30K recently.
Santiment, an on-chain data aggregator, recently tweeted that despite the latest market pullback, the share of social media conversations surrounding BTC remains well above average levels.
The tweet explains that heightened social media attention for BTC typically occurs during periods of extreme market euphoria or anxiety – the latter being the current scenario. Santiment suggests that this could signal a potential bullish rally for BTC in the near future.
Are Major Altcoins Set To Rally?
According to a recent report from Coinbase, the correlation between Bitcoin (BTC) and Ethereum (ETH) has been on a downward trend since the beginning of 2023. This divergence has become more pronounced following the Shapella hard fork on the Ethereum network. This suggests that Bitcoin and Ethereum in one’s portfolio may offer greater advantages than holding just one of them. This strategy could potentially decrease overall volatility while boosting potential returns on the portfolio.
Moreover, Bitcoin’s recent breakout above $30K suggests a significant shift in the altcoin market as Bitcoin’s dominance over altcoin increased by 0.7%. As of writing, Bitcoin witnessed a minor rejection and is trading at $29.9K with a gain of 8.9%. While Ethereum attempts to break above $2K as it trades at $1,950, gaining over 7% in the last 24 hours.
Altcoins such as BNB, Dogecoin, Shiba Inu, and XRP experienced gains of over 4%, while Polygon (MATIC), Cardano, and Solana surged close to 8.5%. This upward momentum contributed to the global crypto market’s 6% increase to $1.2 trillion within the last 24 hours. Notably, the total crypto market volume saw a significant 20% rise during the same period.
However, any negative news regarding Ripple’s hearing today will affect the crypto market heavily, which may remove all the recent gains.
Bitcoin Price Breaks $29K – Will BTC Surge Above $30K In Next 24 Hours?
As shares of First Republic Bank fell 50%, concerns about a fresh banking crisis in the United States led to Bitcoin reaching highs around $29,000 on Wednesday morning. According to analyst Crypto World on YouTube, the bullish trend for Bitcoin is not yet confirmed. At the time of writing, Bitcoin is slightly trading above the $29k level.
He said that the price is entering a significant area of resistance on the daily time frame between $28,000 and $29,500. They also highlighted that over the last one and a half weeks, Bitcoin has seen short-term bearish momentum.
He said, “We have not yet confirmed the continuation of that bullish Trend as in we haven’t confirmed the next significant upside so we’re still currently within this cool-off phase until we see a little more confirmation here on the daily time frame such as a break back Above This resistance in the price action or a bullish cross here in the MACD.”
The analyst said that we’re likely to go towards this price target, which is set at about $28.4k if Bitcoin sees a break above $27.8k. This area of resistance, which is the next significant one in the short term, is located between $28.7k and $29k and added that the market is in a larger bullish trend.
Talking about the outlook for the short-term, he said, “But on the smaller time frames I am currently leaning more bullish than bearish because we simply have multiple bullish confirmations signals here on the four-hour time frame and speaking of bullish confirmation signals taking a look at the funding rates for Bitcoin, Ethereum and all of these other coins because right now the funding rates across most exchanges for most of these coins are currently sitting in the negative.”
Bitcoin Price Analysis: Where BTC Price is Heading In Coming Week, $25K or $30K ?
The market is still pricing in the impact of another potential Fed interest rate hike, which put a cap on cryptocurrency’s growth this week. After briefly hovering above the $30K milestone, Bitcoin started to decline on Wednesday.
Bitcoin may be approaching a local top, according to a crypto strategist. DonAlt, a pseudonymous analyst, stated that he thought Bitcoin’s rise beyond $30,000 was a range deviation. The range deviation beyond $30,000 is comparable to the range deviation at the bottom, when Bitcoin broke below $18,000 in November of last year, claims the crypto analyst.
“I’m gonna have to be bearish here for the same reason I was bullish at $16,000. Expecting top to be in until proven otherwise. $20,000 or strength is what I’m gonna do anyway. Anything in between likely just gonna be chop for months anyway.”
Range deviations are closely monitored by traders because they may indicate probable trend reversals after fooling some market players.
According to his chart, the price range for Bitcoin at this time is between $18,000 and $30,000. He asserted that the recent rise to $31,000 may have been a trap for Bitcoin bulls now that BTC is trading around $27,317 and back in the range.
The analyst further warned that the market structure and timing of BTC resemble those of the cryptocurrency’s price movement in the beginning of 2021, when it rose from $55,000 to $65,000 in less than two months before plummeting all the way to $30,000. He claimed that before considering returning to the markets, Bitcoin must reach a crucial psychological threshold.
At the time of writing, Bitcoin is trading at $27,610 and is down by more than one percent in the last 24 hours.
Bitcoin Traders Take Profits And Exit As Price Struggles To Hit $30k: What Next?
Bitcoin (BTC) price struggles to surpass the $30,000 mark, leading traders in the derivatives market to take profits. On April 19, Bitcoin experienced a significant price dip of over 5%, plummeting from approximately $30,400 to $28,600, with a slight recovery to $29,000.
Single-day spot trade volume hit a month-long high, indicating that traders believe in their BTC moves. Meanwhile, aggregate futures volume has continued to rise across multiple exchanges, as shown in Coinglass data.
Funding Rates Turn Negative
Funding rates for Bitcoin perpetual contracts on platforms such as Bybit, Binance, and Gate.io have turned slightly negative for the first time since April 10. These rates are currently hovering around flat levels. When funding rates become negative, traders holding short positions, betting that the price will decrease, pay fees to those holding long positions. The rates typically reflect the demand for a given contract and the underlying asset.
Bitcoin’s recent price struggles have raised questions among investors about the sustainability of its supposed explosive rally. The anticipated bull market has come to a halt due to a combination of regulatory uncertainty and a weakening macroeconomic climate. These negative factors were further intensified on April 18, when SEC Chair Gary Gensler testified before the United States House Financial Services Committee, leaving crypto traders and investors feeling quite apprehensive.
Related: SEC Chair Gary Gensler Under Fire: Is The Future Of Crypto At Risk? – Coinpedia Fintech News
Technical Indicators Suggest Potential Bounce
At the time of writing this article, Bitcoin’s price has dipped 1.5% over the past 24 hours to $28,800, moving further and further away from the psychologically significant $30,000 level. After falling to $28,555, Bitcoin entered the oversold zone, with key technical indicators like RSI and MACD confirming this. The four-hour trend line supports Bitcoin at this level, while a hammer candle indicates a weakening bearish sentiment.
A potential bounce could see Bitcoin reach a 23.6% Fibonacci retracement at $29,000. If surpassed, the price may rise to a 38.2% retracement at $29,250. In the event of a continued uptrend, Bitcoin could reach the 61.8% retracement level of $29,700. However, a double-top pattern near $30,000 might pose a challenge. However, if prices fall below the $28,555 support again, further selling could push Bitcoin down to around $27,500.
Analyst Point Out Top Reason Why Bitcoin Price Fell Below $30k!
Bitcoin price began the third week of April on a slippery note, down over 2.3 percent to trade around $29.5k during the early New York trading session. More than 83 percent of Bitcoin longs had been liquidated with over $34 million rekt in the past 24 hours.
According to on-chain data from Coinglass, more than 3,800 Bitcoins have been deposited in the largest centralized crypto exchange Binance in the past 24 hours, perhaps signaling a bearish outlook.
Why is Bitcoin Price Dropping?
According to on-chain analytics platform Santiment, the top reason why Bitcoin dropped on Monday was due to increased FOMO traders. Santiment analysts have indicated that there is a direct correlation between the fear of missing out (FOMO) at its peak and prices moving in the opposite direction of the crowds’ expectations.
Notably, Santiment identified a general bullish stance from most crypto YouTube influencers as Bitcoin topped $31k. As a result, crypto cash flow has been observed entering the altcoin market since the Ethereum Shanghai upgrade happened last week.
Price Analysis
Bitcoin’s price bounced back from a significant resistance level of around $31k. Despite today’s decline, Bitcoin price is still in a rising trend on the higher time frame with higher highs and higher lows perfectly respected. According to veteran crypto trader Michael van de Poppe, Bitcoin price is likely to consolidate around current levels in the coming days.
However, the analyst insisted that a reclaim of $29.8k would trigger a short squeeze to new highs.
Meanwhile, Bitcoin’s dominance declined below 47 percent, perhaps signaling the onset of the altcoin season. Additionally, the altcoin market did not experience a heightened sell-off like that of Bitcoin on Monday.
Will Bitcoin (BTC) Price Hold Above $30K For a Long Time? Here’s What Traders Can Expect
Bitcoin’s price hit a yearly high of around $30,399 earlier today, up by almost 7%, per market data from Binance-backed Coinmarketcap. This price surge comes after three weeks of consolidation in a double top-like formation, leading most crypto traders to expect a dip before continuing with the uptrend.
However, the opposite happened, and over 89% of Bitcoin short traders were liquidated in the past 24 hours, leading to losses worth approximately $106 million, according to market data provided by Coinglass.
Bitcoin Dominance and Whales
Following this breakout, Bitcoin’s dominance in the crypto market increased to approximately 48.43%, standing at around $579,769,425,230 on Tuesday. Santiment, a market intelligence platform, also cited several Bitcoin whales who increased their on-chain activities in the past 24 hours.
Bull Market Continues
Macro analyst trader Jason Pizzino believes that Bitcoin price is in the last stages of this year’s bull market, but the bears may not push it below $18k again in this cycle.
He noted that the entire market, including stock indexes like the S&P 500, is showing bullish momentum in the higher time frame.
Elliott Wave Theory and Weekly Golden Cross
In terms of technical analysis, Bitcoin price is approaching its last cycle in the Elliott wave theory. The fifth wave is typically the largest if the third wave did not outperform the first wave.
With the recent breakout, it is only a matter of time before a weekly golden cross happens between the 50 and 200 MAs.
Don’t miss out on the latest news and updates on Bitcoin’s price movements. Watch this space for more!
Bitcoin Soars Past $30k: Can The Crypto Market Reach $2 Trillion Cap?
The Bitcoin price has surged past $30k, marking its first breakthrough this year following a bullish start to 2023. After consolidating around $28k for three weeks, the leading cryptocurrency has rallied to unexpected heights, leading market analysts to predict a potential climb above $40k.
With the crypto market making a strong rebound from the previous year’s bear market, this unexpected turn of events has reignited investor interest and could pave the way for even greater gains in the future.
Keep reading to find out more about the exciting new developments and what they mean for the future of Bitcoin.
How Crypto Reacts To High-Impact News
The crypto volatility is expected to remain high in the coming days amid high-impact news from top markets around the world. Among them, the United States Bureau of Labor Statistics will be releasing the Consumer Price Index (CPI) data tomorrow.
Additionally, the Bank of England Governor Andrew Bailey is expected to speak about the resilience of the global financial system at an online event hosted by the Institute of International Finance tomorrow. Meanwhile, the Bank of Canada is expected to release interest rate data tomorrow.
Amid the high global inflation, Bitcoin’s price is expected to lead the altcoin market in higher gains in the coming weeks.
Crypto Market Cap Enroute to $2T?
According to a popular market economist Michael van de Poppe, the total crypto market capitalization is well positioned for a 100 percent run to $2 trillion in the coming months. Moreover, Poppe highlighted that the total crypto market capitalization has stayed above 200-MA and 200-EMA in the past four weeks. As a result, the total market capitalization only needs to break a crucial resistance level for the bullish stance to hold.
A rally toward $2 trillion in total market capitalization could see Bitcoin price trade above $40k as predicted by most analysts.
“At $1.25T we need to break through, if we do, we’ll be seeing a strong run to $2T,” crypto analyst Poppe noted.
On the Flipside
The Ethereum Shanghai upgrade is expected to clock in tomorrow, which could further heighten the crypto volatility. As a result, crypto traders are cautioned to approach the market carefully to avoid forced liquidations.
Be Prepared: Ethereum Price May Experience ‘Sell The News’ Trend Ahead Of Shanghai Upgrade! Here’s What On-Chain Data Says
Bitcoin Price Update: Analyst Issues Warning as BTC Price Trades Above $30K, Advises Traders to De-risk
While investors anticipated important inflation statistics later in the week that could affect cryptocurrency prices, Bitcoin rose on Monday evening, surpassing the crucial psychological level of $30,000. At $30,431, a new monthly high was formed and the price is currently consolidating its gains.
According to a trader and analyst by the name of Tedtalksmacro, the true resistance is located around $34,000. When discussing the impending challenges, he specifically mentioned the US CPI statistics and the Fed meeting.
Taking to Twitter, he wrote, “Bitcoin now trading north of $30k. If you’ve rode the wave so far, it’s probably a good time to think about de-risking, although I believe that true resistance is somewhere around $34k. Overall an environment that is conducive to buying the dip, but doesn’t get caught overextended into the highs.”
If Bitcoin has to surpass the $34k resistance level, then it has to first overcome the initial hurdles. Price growth may be possible if a strong move is made above the $30,500 resistance. If the given scenario rolls out, the price might increase to around $31,200. The $32,000 mark represents the next significant resistance.
Of the top 10 digital assets, Bitcoin is by far performing the best. This may be partially due to traders expecting Federal Reserve Chairman Jerome Powell to reduce interest rates in response to the financial crisis, which would increase the attraction of risky assets like Bitcoin.
At the beginning of the year, Bitcoin created an environment of a scare when it was trading at $16,600 levels. Despite what seems like never-ending regulatory issues for the cryptocurrency sector, it has made a comeback and is now up over 80%. At the time of writing, Bitcoin is slightly trading above the $30k level.
Can Bitcoin Price Rally to $30k Ahead Of U.S Employment Data Today?
Bitcoin has been consolidating between $27,000 and $28,500 for the past three weeks, indicating that a potential price decline could be imminent. Additionally, Bitcoin has been forming a possible double top on higher time frames, which has historically been followed by a price drop.
On the four-hour time frame, the current consolidation could signify an implosion is around the corner. With the weekly death cross between the 50 and 200 MA still in play, swing traders are understandably cautious of a possible capitulation.
Is The Bull Rally Here To Stay?
Despite the aforementioned indicators, the recent Bitcoin macro breakout from last year’s falling trend has renewed optimism for sustained bullish sentiment. Furthermore, the worst cases in the crypto market, including FTX and Alameda Research‘s implosion, are now technically behind.
Bitcoin Prices React To High-Impact News
Bitcoin prices have been reacting strongly to high-impact news, particularly from the United States Federal Reserve (Fed). In its fight against high inflation, the Fed has raised interest rates nine times since March 2022.
Last month, the Fed increased interest rates by 0.25 basis points to between 4.75% and 5%, the highest level since 2007. As a result, US inflation has dropped from 9.1% in June 2022 to 6%. Interestingly, the Fed’s balance sheet decreased by $73.6 billion to approximately $8.63 trillion last week.
Critical Data Updates
Today’s non-farm employment change and unemployment rate data from the Bureau of Labor Statistics will be of significant importance to crypto traders. If the jobs report is stronger than expected, Bitcoin’s price could drop below $26,500, or even below support.
Conversely, a weaker-than-expected report could drive the price of Bitcoin above recent highs and towards $30,000.
Do you anticipate more turbulence or is the worst finally behind us?