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- Bitcoin price crosses the $30,000 threshold after a bullish breakout.
- The price breached the bullish flag pattern.
- Trading volume rose by more than 90% in 24 hours.
Bitcoin, after a delayed recovery, finally reclaimed the $30,000 threshold, breaking out of the bullish flag. BTC price fell under a severe downtrend in 2022 and began to recover at the beginning of 2023. The fall of 2022 broke several supports and created lower resistances with each dip. The falling prices made the market highly volatile and recorded bulk sell-offs for several weeks, spanning the year. Bitcoin price starts to recover and form a relief rally, reaching the $30,000 milestone.
Bitcoin up the Ladder
BTC price broke out of the bullish flag visible after the uptrend formed, taking support at $20,000.00. The trading volume suggests a spike in buyer interest in Bitcoin after claiming the $30,000 price level. The Bollinger Bands diverge sharply to indicate a breakout. So far, the BTC price has rallied more than 80% this year despite the bear market.
Bitcoin raced towards $30,000, marking a 10-month high. The current price action occurs above the EMA ribbon, indicating bullish momentum. The OBV is expected to give delayed reactions once the bullish momentum prevails.
The BTC price rally established a bullish outlook for the crypto market, as Bitcoin is among the crypto leaders. The Super Trends show a spike in bullish trend caused by the breakout. It also indicates that the bull trend may remain active long-term and aim for higher price levels. The RSI reaches the overbought zone as the buyers are overwhelmed by the price surge. The MACD converges and forms a positive cross post-convergence. The positive cross displays buyer-supportive participation in the market.
Next Step Up
In the smaller time frame, BTC price rally may start to encounter sellers who wish to book profits with the price rise. The staggered rise may still display bullish attributes as it may continue to rise. The RSI rises to a higher range of 80 to suggest a buyer-dominant market. The MACD widely diverges under the bullish influence and records tall buyer bars. The smaller time frame shows hyper-bullish signals for BTC price action.
Conclusion
BTC price reached $30,000, marking a 10-month high after the fall of 2022. The recovery sets new targets for $35,000 after this new milestone. The buyers crowd the market and establish their dominance. The price can soon aim to breach the resistance near $30,350.50.
Technical levels
Support levels: $26,892.20 and $25,000.10
Resistance levels: $30,350.50 and $32,000.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
