Bitcoin Rejected at $30K: What’s Next?
• Bitcoin’s bullish rally was rejected at the critical price area of $29-30K and the price went back into the $27-28K consolidation range.
• The most major resistance is likely to be at the $30K mark, which was the bottom recorded in mid-2021 before the rally to Bitcoin’s ATH at $69K in November 2021.
• Technical analysis suggests that a confluence is taking place between Bitcoin bulls and bears at this specific price region, likely resulting in a consolidation between $25K and $30K before a possible continuation upwards.
Bitcoin Rejected at Critical Resistance
Bitcoin recently reached its critical price area of $29-30K, however its bullish rally was rejected and it has since gone back into a consolidation range of $27-28K.
$30K Mark Major Resistance
The most major resistance for Bitcoin is expected to be at the $30K mark, which was previously seen as the bottom in mid-2021 before its all time high (ATH) of $69K in November 2021.
Technical analysis suggests that there is currently a confluence taking place between Bitcoin bulls and bears around this specific price region, likely resulting in a static consolidation between $25K and $30K before potentially continuing upwards.
On-chain analysis shows that there are positive signs for Bitcoin such as an increase in new addresses joining the network and an increase in large deposits over 1BTC being made on exchanges. This indicates increased confidence from investors despite short term volatility.
Overall, it appears that while there may be some short term volatility with Bitcoin prices as it consolidates around key levels of support and resistance, signs point towards continued long term optimism for BTC buyers.