Best Level To Buy Bitcoin As Price To Rally Above $30K

Bitcoin price continues its range-bound movement near the $23K level. Traders await a fall in Bitcoin (BTC) price to buy from lower levels and make more profits. While traders speculate whether the Bitcoin price will continue to rise and hit $25K or fall to $21K, popular analyst Michael van de Poppe earlier predicted a fall to $21.5K before a rally.

Best Level to Buy Bitcoin

Crypto analyst Credible Crypto in a tweet on January 28 said that Bitcoin holds potential for an upside move and continuation to the upper $25K target.

However, a move to $21.5K is expected as BTC price faces strong resistance near $23.2k. The monthly bullish breaker between $19.5K and $20.5K is the ideal buy zone. Traders making a buy at this level can make significant profits when Bitcoin price reaches above $30K.

The heat map also coincides with the monthly bullish breaker between $19.5K and $20.5K. Thus, traders are likely looking for Bitcoin price to fall below $20K to begin a massive rally towards $30K.

Crypto analyst Michael van de Poppe said BTC price is facing difficulty in breaking above a crucial resistance at $23.1K. Thus, if Bitcoin continues to make lower highs, then probably test and sweep around $22.3K before continuation is more likely.

Bitcoin Price Falls Lower Ahead of FOMC Meeting

In the last 24 hours, BTC price continues to trade sideways near the $23K level. The 24-hour low and high are $22,880 and $23,417, respectively. Furthermore, the trading volume has decreased by 15% in the last 24 hours. Thus, there’s a decline in interest among traders at the current level after a nearly 40% rally in January.

The Federal Reserve is likely to announce another 50 bps rate hike, as per Wall Street estimates. However, the CME FedWatch Tool indicates a 98.2% probability of a 25 bps rate hike.

Also Read: Will Crypto Miners Sell Their BTC Holdings As Bitcoin Price Recovers?

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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.