After a consolidation that lasted 1 month, Bitcoin prices showed a strong movement upwards. The entire crypto market also showed positivity as most cryptocurrencies are up by more than 10% since last week. From a technical perspective, Bitcoin’s price action is hinting at the $30,000 price mark. This is because it recently broke a major resistance level. Will Bitcoin reach 30000 $ soon? Let’s analyze ?
Bitcoin Ends its Sideways Trend?
In the beginning of June 2022, Bitcoin crashed from the psychological price of $30,000 and reached a low of $17,600. We at CryptoTicker expected this move as there were no real support levels until the psychological price of $20,000. After this crash, Bitcoin prices started to consolidate around the $20,000 price mark. The $22,500 represented a very strong resistance to the sideways trend. In figure 1 below, we can see how the consolidation occurred.
Today however, prices managed to break out of the consolidation. This might be in anticipation to reach higher highs. An important fundamental factor also plays a major role, which is that crypto sellers are barely selling anymore. The crypto market became significantly oversold, to the extent that buyers might be able to lift prices higher in the upcoming phase.
Bitcoin Price Prediction – Will Bitcoin reach $30,000 again?
Now that Bitcoin prices managed to break the strong resistance price of $22,500, we expect prices to retrace a little lower before continuing higher. This is part of a slow uptrend that should establish next. Other fundamental positive news are also affecting the crypto market such as Ethereum’s upcoming merge and MATIC’s scaling capabilities.
To confirm a price of $30,000, Bitcoin needs to reach first the price of $27,500. Once that target is achieved, we can be confident in a Bitcoin reach $30,000 scenario.
The Crypto Market at a Glance
In the past 7 days, many cryptocurrencies have managed to increase heavily in prices. Among the top performers are LDO, ETC, APE, BTG, and ETHER increasing respectively by 80%, 76%, 45%, 43% and 32%. However, among the top losers are TerraUSD which is currently in speculation mode losing -16%.
1- Bitcoin (BTC): + 11.21 %
2- Ethereum (ETH): + 31.39 %
3- Tether (USDT): + 0 %
4- USD Coin (USDC): + 0 %
5- Binance Coin (BNB): + 11.57 %
6- Ripple (XRP): + 6.81 %
7- Binance USD (BUSD): + 0 %
8- Cardano (ADA): + 12.19 %
9- Solana (SOL): + 16.03 %
10- Dogecoin (DOGE): + 11.93 %
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Source: https://cryptoticker.io/en/bitcoin-broke-a-massive-resistance-reach-30000/