Bitcoin to face a ‘new ballgame’ if it breaks $30k resistance

Bitcoin’s recent momentum seems to have taken a pause below the $30,000 mark as it benefited from problems in the traditional finance sector, particularly the fallout from the banking crisis. Analysts believe that breaching the $30,000 resistance level would be a historical monument for the cryptocurrency, based on its price movement history. For the last two years, $30,000 has been the significant resistance and support level for Bitcoin. Hence, if it manages to overcome that obstacle, it could mean a “whole new ballgame”, as observed by crypto analyst Matthew Hyland in a tweet on April 2. According to Hyland, the NASDAQ and S&P 500 indices have displayed immense strength and ended the week on a positive note. However, he also perceives a sense of pessimism and disbelief in the market, with many investors still cautious about the current economic climate.

Meanwhile, another Bitcoin analyst Stockmoney Lizards suggests patience in the cryptocurrency market and observes that Bitcoin faces severe resistance at $30,000. However, Lizards believes that if it breaks that resistance level, it could skyrocket.

Bitcoin’s rally appears to have stalled after renewed regulatory concerns emerged in the cryptocurrency market. The United States Commodity Futures Trading Commission (CFTC) sued Binance over allegedly breaking trading and derivatives rules. In response, Binance clarified that it does not agree with the characterization of many of the issues claimed in the complaint.

Despite the aforementioned regulatory concerns, Bitcoin’s price trajectory in 2021 has emerged as the best-performing asset class, gaining approximately 70%. It surpassed traditional finance products such as gold and the Nasdaq 100 index.

While talking about Bitcoin’s next price movement, experts predict that the cryptocurrency may reach the $30,000 mark in the coming weeks. According to a report by machine learning platform PricePredictions, Bitcoin may trade at $30,697 on April 30, 2023.

As of now, Bitcoin’s value is hovering around $28,441, with daily losses of about 0.05%. On the weekly chart, BTC is up over 2%. Despite Bitcoin hitting a minor barrier on the daily chart, the asset’s one-day technical analysis retrieved from TradingView is dominated by bullishness. A summary of the gauges recommends a “buy” at 13, while moving averages are for a “strong buy” sentiment with a score of 13. For oscillators, they recommend selling gauging at 2.

The bullish sentiment is also backed by the activity around Bitcoin’s options contracts. According to a report by Finbold on March 31, investors were flocking to trade in Bitcoin and Ethereum (ETH) following a 430% YoY spike in opened interest.

Investing in Bitcoin is speculative, and when investing, capital is at risk. Therefore, the content on this site should not be considered investment advice.


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