Cryptocurrency
Bitcoin Could Break $30,000 After Climbing Above This Key Level
Bitcoin Could Break $30,000 After Climbing Above This Key Level: (NewsBTC) Bitcoin is inching closer and closer to the coveted $30,000 region, with this long being a target looked upon by investors Because this level has psychological significance, there’s a strong possibility that it will hold as resistance and may be a difficult hurdle for […]
Bitcoin Could Break $30,000 After Climbing Above This Key Level:
(NewsBTC)
- Bitcoin is inching closer and closer to the coveted $30,000 region, with this long being a target looked upon by investors
- Because this level has psychological significance, there’s a strong possibility that it will hold as resistance and may be a difficult hurdle for bulls to overcome
- There is a strong possibility that a clean break above this level could open the gates for the benchmark cryptocurrency to see a continuation of its parabolic uptrend
- One trader is now noting that BTC could be on the cusp of posting a strong break above this level
- He notes that its technical strength comes from the recent break above $29,200, which is now holding strong as a support level
Bitcoin and the entire cryptocurrency market have seen mixed price action over the past few days and weeks.
The selling pressure seen over the past couple of days has all been absorbed by bulls, with bears being unable to gain any major footing within the market.
Where the entire space trends in the near-term should depend largely on whether or not bulls can shatter the resistance that sits around $30,000.
A firm break above this level would contribute to the cryptocurrency’s parabolic momentum and potentially allow for a massive upswing.
Bitcoin Gains Momentum as Selling Pressure Evaporates
It does appear that Bitcoin is facing a so-called “sell-side liquidity crisis,” as each selloff is almost instantly absorbed.
This has allowed the crypto’s price to gain a strong foothold above $29,000, with it currently trading up just over 1% at $29,400.