Bitcoin Rejected At Critical Resistance, This Is The Level To Watch Now: BTC Price Analysis
After reaching the critical $29-30K price range, Bitcoin’s bullish rally was rejected and the price went back to the $27-28K consolidation range.
Over the next short term, the $30K mark will likely serve as the major resistance. This area was the bottom recorded in mid-2021 before the rally to the current Bitcoins ATH of $69K recorded in November 2021.
Technical analysis
Of Shayan
The daily chart
After forming a pullback to the 100-day moving average line at $19.6K, the price continued to rise with remarkable bullish momentum. However, Bitcoin now faces strong resistance at $30K.
On the bearish side, one can see a significant difference between the price and the RSI indicator, which could lead to a correction phase before a possible continuation upwards.
The 4-hour chart
Looking at Bitcoin’s recent price action, it can be seen that the intense bullish momentum has weakened while a confluence is taking place between the Bitcoin bulls and bears in this specific price region.
Considering the psychological strength of the $30K price level, the most likely scenario for Bitcoin in the medium term is to consolidate in a static range between $25K and $30K.
In the event of a significant drop, the price range between 0.5 ($24.4K) and 61.8 ($23K) Fibonacci retracement levels will likely support Bitcoin.
Analysis of the chain
It appears that Bitcoin is currently experiencing a bullish market based on several reliable indicators. However, it is important to trade with caution due to the possibility of a price correction as a result of the recent rapid increase.
In the short term, the SOPR calculation also supports the above as it had seen a sudden rise at the same time, with Bitcoin hitting the $30K resistance zone, indicating selling pressure from short-term investors.
This price range represents a significant barrier for Bitcoin on the way up. A breakout above this level could potentially remove uncertainty and lead to massive demand to enter the market.
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Cryptocurrency charts by TradingView.
