Three Key Bitcoin Levels To Keep Watch On
Following Bitcoin’s breakout from $31,300, IntoTheBlock has shared price levels on the chart that traders and investors should keep an eye on, as they could lead to increased volatility and unexpected price movements.
Money in relation to Price Metrics and first aid Bitcoin
IntoTheBlock uses a statistic that shows the volume of entries around a specific price to determine local support and resistance levels. With a total volume of 980,000 BTC, we are currently watching the creation of a key price level at roughly $30,000.
Such a large volume reflects the fact that traders were actively purchasing Bitcoin at that price, most likely betting on the reversal from $29,000.
There will be opposition
Bitcoin will need to absorb more than 220,000 BTC of volume in the coming hours to break out further, or we will see another reversal back below $30,000. There are no major obstacles in the way.
Only 30% of traders are now losing money on Bitcoin at $31,420, indicating that there should be no selling pressure from those who are breaking even at this price.
Levels of expertise
BTC is currently sitting at support and moving in the consolidation channel formed since the middle of May in terms of technical support and resistance levels. On the daily chart, the first resistance is at $40,000.
At the time of writing, Bitcoin was trading at $31,400, attempting to break over the chart’s latest reversal point of $31,800. Unfortunately, the biggest issue preventing digital gold from resuming its run to $40,000 is the lack of buying volume.
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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