Suche
Mein Konto
Will Bitcoin fall below $30,000 or will bulls stage a recovery? (BTC price analysis)
After the recent rise in Bitcoin price and the successful breakout above the significant resistance level of $30,000, the market is now in a phase of consolidation. However, there are notable signals emerging in this phase. Technical Analysis By: Edris The Daily Chart: On the daily chart, the price has repeatedly tested the $30,000 mark since its recent breakout. Although this level has provided support so far, there are worrying signs in the form of a bearish divergence on the RSI indicator. This suggests the possibility of a short-term correction or reversal. Should a decline occur, the 50-day and 200-day moving averages could be around $28,000...
Will Bitcoin fall below $30,000 or will bulls stage a recovery? (BTC price analysis)
After the recent rise in Bitcoin price and the successful breakout above the significant resistance level of $30,000, the market is now in a phase of consolidation. However, there are notable signals emerging in this phase.
Technical analysis
By: Edris
The daily chart:
On the daily chart, the price has repeatedly tested the $30,000 mark since its recent breakout. Although this level has provided support so far, there are worrying signs in the form of a bearish divergence on the RSI indicator.
This suggests the possibility of a short-term correction or reversal. Should a decline occur, the 50-day and 200-day moving averages at around $28,000 and $26,000, respectively, could serve as key support levels.
On the other hand, if the price continues its upward trend, a move towards the $38,000 resistance zone becomes a plausible scenario.
TradingView
The 4-hour chart:
On the 4-hour chart, the price has shown erratic and unpredictable movements over the past few weeks, making it difficult to determine its future direction. The $30,000 level is being tested again and a possible breakdown could lead to a decline towards the $27,500 level.
The RSI indicator was relatively flat and hovered around the 50% level, indicating a lack of clear dominance from buyers or sellers. The ongoing struggle near the critical $30,000 area further adds to the near-term uncertainty in the market.
TradingView
On-chain analysis
By: Edris
Bitcoin exchange reserve
The recent rise in Bitcoin price has sparked discussions about whether market participants are selling their coins for minimal profit or choosing to hold onto them for longer.
By analyzing the Bitcoin exchange reserve metric, which tracks the amount of BTC held in exchange wallets, we can gain insight into investor behavior. An increase in this metric suggests that investors are depositing their coins on exchanges, likely with the intention of selling them. Conversely, a decline indicates that investors are withdrawing their BTC from exchanges, indicating that they would prefer to hold on to their coins for a longer period of time.
Recent data shows a significant decline in Bitcoin exchange reserves over the past month. This decline indicates bullish sentiment among market participants as they expect further price increases and tend to hold on to their coins.
CryptoQuant