The Market Is Excited, Can Bitcoin Reach The $30,000 Price Zone?

Key Points:

• Bitcoin is currently being strongly supported to reach the $30,000 price zone.
• The current market is getting excited after major institutions enter the crypto industry.
• The bearish trend line of BTC from the former resistance of $31,000 has now been broken.

Bitcoin is jumping beyond $28,000; BTC is now up more than 11% in the previous seven days, and a move towards the $30,000 resistance zone is possible.

As big financial institutions like BlackRock, Citadel, and Deutsche Bank are making headlines with their crypto entrance, investor attitude in the virtual asset market has shifted from “Fear” to “Greed.”

Today, Alternative, a crypto market data business, published the Crypto Fear & Greed Index, which recorded 59 points on the day, indicating a level of “Greed.” This is a 10-point rise over the previous day’s reading (49, Neutral) and the biggest since April 8 (60, Greed). When the index approaches zero, it implies that market sentiment is approaching extreme anxiety, and as it reaches 100, it suggests excessive optimism.

The surge in the fear-greed index started with expectation when BlackRock, the world’s biggest asset management firm, applied for a Bitcoin spot ETF (Exchange-Traded Fund). WisdomTree and Invesco started their campaigns shortly after.

Its products are trust goods or assets, and it is listed on NASDAQ as a bitcoin-based ETF. Also, the fact that all of BlackRock’s ETFs, with the exception of one (576 instances authorized), went through the gates of the authorities was supposed to be a significant windfall in the market.

Over the $25,000 barrier, Bitcoin price created a firm support foundation. BTC began a new surge and was able to break over the $27,500 resistance zone.

That paved the way for a prolonged upward rise of over $28,000. The price even approached the $29,000 barrier level. The short-term downtrend line has now entirely broken, as seen in the chart below.

The price has set a high of around $29,000 and is presently consolidating gains. It is now trading above the 48.2% Fib of the latest fall from the $31,000 high.

With strong psychological consolidation at the moment, the $30.00 price zone is possible. However, entering at this point is relatively risky as the BTC price is up nearly 8% on the day. The movement ahead is very unpredictable, possibly a slight correction or to surge toward the old resistance area that BTC reached in April.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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