BTC Price Holds Above $30,000; Opportunity To Buy?

BTC price kick-starts the session on a higher note with mild gains. The pioneer cryptocurrency manages to hold above the psychological $30,000 mark amid renewed buying pressure. The downside is capped near $29,000 for the past three sessions, thus right now BTC is caught in a very tight trading range.

• BTC price prints modest gains on Tuesday amid broader crypto market buying.
• The Fear and Greed Index fell to an extreme level indicating fear among investors.
• Buying opportunity exists at all time-frame with oversold technical indicator.

BTC price consolidates with a positive bias

BTC price attempts to hold onto the gains but faces challenges at the upper level, as seen with the limited price action. BTC lost 47% from March 29 highs of $48,124.94 as the price dropped to an 18-months low of $25,000.

On the daily chart, the BTC price has recovered from the previous week’s lows with an ascent of nearly 30%. However, the BTC buyers find it challenging to cross beyond $31,000.  The trading volume is not rising in sync with the growth in the price, citing some challenges for the buy-side investors.

In the shorter time frame, the price hovers inside the downward parallel channel. At the same time, keeping above the 50-day EMA (Exponential Moving Average) at $29,909.94.

If the investors are able to pierce above the descending trend line we could see the $32,000 mark on an immediate basis.

Next, market participants would keep their eyes on $34,000.

On the flip side, a daily close below $29,000 could threaten the upside theory of the bitcoin. In that case, the bears would like to recapture $25,000.

As of press time, BTC/USD reads at $30, 687, up 2.08 for the day. The largest cryptocurrency holds the 24-hour trading volume at $29,046,532,955 with 16% losses  as update by CoinMarketCap.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.