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Bitcoin Price Tests $30,000 Again: Is Interest in BTC Increasing?

  • 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

Bitcoin (BTC) (36)

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.

bitcoin-volume-30k

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.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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