- In the last 24 hours of trading, the price of market leader Bitcoin (BTC) managed to surpass the $30,000 level and turned in a positive direction.
- Data suggests that traders may be particularly focused on BTC in the coming weeks. The approaching halving of BTC could certainly be a factor in shifting sentiment and interest towards BTC.
- If BTC fails to close a daily candle above the critical resistance level of $30,000 within the next 48 hours, it may face the risk of falling to the next significant support level.
Bitcoin price managed to surpass $30,000 for the first time since July 24; will this price movement of Bitcoin continue?
Bitcoin Sees $30,000 After a Long Break
In the last 24 hours of trading, the price of market leader Bitcoin (BTC) managed to surpass the $30,000 level and turned in a positive direction. During this period, the price of BTC increased by more than 2%. However, it later dropped below the psychological level and is currently trading around $29,532.
This price increase also resulted in BTC strengthening by 0.85% against Ethereum (ETH). Additionally, the 24-hour trading volume of the market leader increased by over 50% throughout the day and reached $20 billion.
Analytical platform Santiment shared that BTC’s rise above $30,000 caught the attention of traders and volumes increased for BTC. Santiment also stated that BTC’s recent movement could turn negative sentiments about BTC into positive ones.
This could indicate that traders are moving away from altcoins and focusing particularly on BTC in the coming weeks. The approaching halving of BTC could certainly be a factor in shifting sentiment and interest towards BTC.
Bitcoin experiences a pullback but sentiment remains positive
From a technical perspective, BTC reached the level of $30,047.50 during today’s trading session. Although it fell below the significant price level, it indicates that a short-term bullish technical flag will be triggered, suggesting that the market leader may close today’s daily candle above $30,000.
The 9-day EMA line shows bullish signs above the 20-day EMA line. If these two technical indicators cross each other, it would indicate that this cryptocurrency has entered a short-term positive trend. In this scenario, BTC could gain the momentum necessary to close a daily candle above $30,000, which would lead it to $32,000.
On the other hand, if BTC fails to close a daily candle above the critical resistance level of $30,000 within the next 48 hours, it may face the risk of falling to the next significant support level. In this case, the price of BTC could drop to $27,000 next week.
