Bitcoin will face a “new ballgame” if it breaks the $30k resistance
Bitcoin’s (BTC) recent momentum appears to have stalled below $30,000 after the asset capitalized on problems in the traditional financial sector, particularly the fallout from the banking crisis. Analysts claim that breaking the $30,000 resistance level is likely to be monumental for the first cryptocurrency based on historical price movement.
In particular, cryptanalyst Matthew Hyland observed in a chirping April 2 that $30,000 has served as Bitcoin’s significant resistance and support level for the past two years. Therefore, the analyst estimates that if Bitcoin managed to reverse its position, it could potentially mean a “whole new ballgame.”
“Bitcoin has consolidated below major resistance/support in the last 2+ years. Whole new ballgame if BTC breaks it,” he said.
At the same time, Hyland noted that the NASDAQ and S&P 500 indexes had shown impressive strength, ending the week on a positive note. Despite this, he pointed out that there is still a sense of great pessimism and disbelief in the market, with many investors wary of the current economic climate.
Similarly, a Bitcoin analyst of the Twitter pseudonym Stockmoney lizards asked for patience in the crypto market, noting that the asset faces resistance at $30,000. He also suggested that if the resistance is broken, Bitcoin is likely to skyrocket.
Bitcoin’s momentum stalls
In fact, Bitcoin’s rally has stalled in the wake of renewed regulatory concerns in the crypto market. The latest incident led to the United States Commodity Futures Trading Commission (CFTC) suing Binance for allegedly violating trading and derivatives rules.
After the investigation, Binance pointed out that it does not agree with the characterization of many of the issues alleged in the complaint.
Meanwhile, Bitcoin’s price trajectory in 2023 has lifted the asset to emerge as the best-performing asset class. The crypto gained about 70%, beating traditional financial products such as gold and the Nasdaq 100 index.
Focusing on Bitcoin’s next price move, the odds seem to favor the possibility of reaching $30,000 in the coming weeks. According to a Finbold report, machine learning platform Price predictions forecasts that Bitcoin may trade at $30,697 on April 30, 2023.
Bitcoin price analysis
At press time, Bitcoin was valued at $28,441 with daily losses of around 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 was drawn from TradingView is dominated by bullishness. A summary of the gauges recommend “buy” at 13, while moving averages are for “strong buy” sentiment with a score of 13. For oscillators, they recommend sell gauge at 2.
The bullish sentiments are also supported by activity around Bitcoin’s options contracts. Finbold reported on March 31 that investors flocked to trade Bitcoin and Ethereum (ETH) following a year-over-year increase of around 430% in open interest.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
