After reaching the critical price range of $29-$30,000, Bitcoin’s bullish rally was rejected and the price returned to the consolidation range of $27-$28,000.
In the next short term, the $30,000s will be the biggest resistance. This range was a record low in mid-2021 before Bitcoin’s current rise to $69,000 to his ATH recorded in November 2021.
technical analysis
To Shayan
daily chart
After pulling back to the 100-day moving average at 19.6K, the price continued to surge with remarkable bullish momentum. However, Bitcoin is currently facing strong resistance at $30,000.
On the bearish side, we see a large divergence between the price and the RSI indicator. This could lead to a correction phase before the uptrend could continue.
4 hour chart
Looking at Bitcoin’s recent price action, we can see that intense bullish momentum is waning while a confluence has occurred between Bitcoin bulls and bears in this particular price range.
Given the psychological strength of the $30,000 price level, this is the most likely scenario for Bitcoin to consolidate in a static range between $25,000 and $30,000 in the medium term.
The 0.5 ($24.4K) to 61.8 ($23K) level of the Fibonacci retracement could support Bitcoin in the event of a sharp drop.
On-chain analysis
Bitcoin currently appears to be experiencing a bullish market based on some reliable indicators.
The SOPR metric for short-term holders is also supporting the above, with Bitcoin reaching the $30,000 resistance zone, indicating selling pressure from short-term investors, as well as a sudden spike.
This price range is a major barrier for Bitcoin to rise. A breakout above this level could potentially eliminate uncertainty and lead to massive demand to enter the market.
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cryptocurrency chart By TradingView.