Published 14 mins ago
BTC Price Prediction: The recent correction in Bitcoin price found suitable support at the 23.6% Fibonacci retracement level at $27000, and resumed with the prevailing recovery rally. A retracement to this FIB level is considered healthy and has strong underlying bullish momentum. Thus, with sustained buying the BTC price breached an immediate resistance of $29150, which prepares buyers to challenge the $30650 swing high.
Key Points:
- The Bitcoin Fear & Greed Index at 64% reflects a possible sentiment among market participants to prolong a bullish recovery.
- The $30650 mark stands as a crucial supply zone for traders
- The intraday trading volume in Bitcoin is $21 Billion, indicating a 37% gain.
Source-Tradingview
The Bitcoin price rebounded from a $27000 support on April 24th and surged 8.5% in these last five days. Amid this rally the prices also breached with a daily candle closing above $29150, offering a stepping stone for buyers to rise high.
If the buying pressure persists, the BTC price will rise 5% to hit the $30650 resistance. An upside breakout from the aforementioned resistance will signal the resumption of prevailing recovery which, as per the Trend-based Fibonacci extension, would likely surge the price to $32500(50% FIB).
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However, the upcoming macroeconomic events in May’s first two weeks like the interest rate decision, the jobs report or Nonfarm Payrolls (NFP), and the Inflation rate may cause considerable volatility in the market and thus traders must remain cautious at resistance like $30650.
Furthermore, any sign of recovery may encourage the formation of a bearish pattern called a double top.
Technical Indicator
Relative Strength Index: Considering the Mid-April peak in RSI(73%), the current value of this indicator at 55% reflects a weakness in buying pressure which promotes price reversal.
Exponential Moving Average: Amid the ongoing recovery, the 20-and-50-day EMA may act as key support to reflect a strong recovery rally.
Bitcoin Price Intraday Levels
- Spot rate: $29291
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $30650 and $32500
- Support levels- $29165 and $27000
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.
Source: https://coingape.com/markets/btc-price-prediction-will-bitcoin-price-surpass-30000-mark-before-april/