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BTC correction or $30,000 first? What's next after the rise?
After a gradual correction phase over the past few months, Bitcoin price recently experienced a sharp increase. However, before a sustainable long-term recovery can be expected, the price must overcome a significant level of resistance. Technical Analysis By: Edris The Daily Chart: After facing rejection at the $30,000 resistance level in April, Bitcoin price has gradually declined on the daily chart. However, a recent rebound from the $25,000 support level has led to a continuous rally over the past few days. The price easily surpassed the 50-day moving average at around $27,000 and is now approaching the $30,000 mark again. Should there be a…
BTC correction or $30,000 first? What's next after the rise?
After a gradual correction phase over the past few months, Bitcoin price recently experienced a sharp increase. However, before a sustainable long-term recovery can be expected, the price must overcome a significant level of resistance.
Technical analysis
From: Edris
The daily chart:
After facing rejection at the $30,000 resistance in April, Bitcoin price has gradually declined on the daily chart. However, a recent rebound from the $25,000 support level has led to a continuous rally over the past few days. The price easily surpassed the 50-day moving average at around $27,000 and is now approaching the $30,000 mark again.
Should a bullish breakout occur, it could generate optimism among investors for further upside in the medium term, with the next key resistance area at around $38,000.
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The 4-hour chart:
On the 4-hour chart, the price has witnessed a quick and steep rise after a V-shaped reversal from the $25,000 support zone.
This rally has resulted in a break above the sizeable descending channel and the $27,500 level, which could now act as a support level. However, caution is advised as the RSI indicator indicates that the cryptocurrency is overbought. This suggests that a consolidation or correction phase could occur shortly, possibly before a possible breakout above the key resistance level at $30,000.
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On-chain analysis
By: Edris
Bitcoin Miner Reserve
Bitcoin miners have been exhibiting unusual behavior recently, as shown by on-chain metrics, particularly the Miner Reserve metric. It measures the amount of BTC that is in miners' wallets and there is a noticeable and significant increase, indicating that a large amount of BTC has been added.
This is notable as it follows a period of decline where miners sold their coins amid the bear market.
The exact reason for this sudden increase in mining reserves is unclear. However, if they hold on to these newly acquired coins for the long term, it could potentially have a positive impact on the price of Bitcoin.
By holding on to their coins rather than selling them immediately, miners help reduce immediate selling pressure in the market, which can lead to a more favorable supply-demand balance and potentially support an upward movement in prices.
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