Categories: AnalysisBitcoin

Bitcoin Is Slowly Gaining Bullish Momentum, $30,000 Price Zone Could Be Recaptured

Key Points:

  • Bitcoin experienced a generally sluggish week but showed a bullish renewal on Thursday.
  • Technical analysis indicates a positive outlook for Bitcoin, as it rebounded from the $29,000 support level and is attempting to retest the $30,000 resistance zone.
  • If Bitcoin manages to break through the upcoming price zone at $30,320, it could pave the way for a potential rally toward higher levels, such as $32,000 and $35,000.
Bitcoin price is trending higher on Thursday following a generally sluggish week in the cryptocurrency market. The most prominent coin is up 0.8% to $29,540 amid a renewed bullish push, with a 24-hour trading volume of $13.1 billion and $573 in market capitalization.
Bitcoin Is Slowly Gaining Bullish Momentum, $30,000 Price Zone Could Be Recaptured 4

The technical analysis from the daily time frame provides a bullish outlook. On July 13, the BTC price reached a new yearly high of $31,800, only to experience a setback shortly afterward. The subsequent day formed a bearish engulfing candlestick (indicated by a red icon), which occurs when a large bearish candlestick completely engulfs the previous day’s bullish candle. Following that, in the following days, BTC held steady at $29,000 and found new upward momentum.

Presently, Bitcoin is making strides to retest the seller congestion at $30,000, with its uptrend strongly supported by the established zone around $29,000. This crucial area has played a vital role in preventing further declines to $28,000 and, subsequently $25,000.

The recent recovery wave of Bitcoin was initiated above the $29,000 resistance zone, gaining further ground after the Federal Reserve‘s interest rate decision. This move brought Bitcoin above the $29,200 resistance zone.

Bitcoin Is Slowly Gaining Bullish Momentum, $30,000 Price Zone Could Be Recaptured 5

Despite the rally, the bears have been actively defending the $29,600 resistance zone, leading to no close above this price level. Currently, Bitcoin is trading below $29,600, and it’s worth noting that its gain over the past three days has been from the 38.2% Fibonacci retracement level.

BTC price chart. Source: TradingView

Bitcoin is now trading below $29,600. We should notice that BTC’s gain over the past 3 days is from the 38.2% Fib level. The next big barrier is at the $29,800 level, over which the price may begin to rise steadily into the $30,000 resistance zone. The next big resistance mark is at $30,320, over which the price may develop upward momentum, the bulls can gain a fresh outlook on a rally to higher zones like $32,000 and $35,000.

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.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Logan Paul Net Worth: Famous YouTube Star And Boxer

Logan Paul has consistently ranked among the highest-earning YouTubers worldwide. In this article, let's explore…

2 mins ago

Not Pixel Review: Discover the Engaging Art Game on Telegram

After the success of Notcoin, Not Pixel is the latest project that is attracting the…

5 mins ago

Tonhub Visa Card Brings TON and USDT Payments to EU Users

The Tonhub Visa card was launched, enabling the user to pay directly with his balance…

9 mins ago

BTC and ETH Options Expiry Sparks Volatility, Revealing $3.7B Notional Value

According to the Greeks.live, there was a significant expiry event this week, as 344,000 BTC…

1 hour ago

Bybit Expands Shunyet Jan’s Role to Drive Institutional Growth

Dubai, United Arab Emirates, 8th November 2024, Chainwire

1 hour ago

Upbit Expands Solana DEX with New DRIFT Trading Pairs

Upbit's planned listing includes DRIFT trading pairs for the Korean Won, Bitcoin, and Tether.

2 hours ago

This website uses cookies.