A New Era: Bitcoin Breaks Macro Downtrend Line And Targets $30,000
Bitcoin (BTC) has significantly recovered from its recent 20% drop
below the $20,000 level. It is now reaching previously lost levels
with strong buying pressure amid the financial crisis in the United
States banking sector. The industry’s largest cryptocurrency
by market cap has breached the $25,000 zone and successfully
retested the resistance wall at this level. Moreover, fueled by a
high number of short liquidations of up to $280 million in the last
24 hours, BTC seems poised to reach higher levels ahead of the 2022
downtrend. Bitcoin was created to endure a banking crisis.
Thus, the global cryptocurrency market is thriving and regaining
investors’ confidence, turning their eyes to the nascent industry.
Is this all part of a new bull market? Related Reading: Stacks
(STX) Registers Over 20% Gains On Daily Chart, Can It Test $1?
Macro Downtrend Is Over For Bitcoin? Bitcoin is trading well
above the macro downtrend line, which was placed at $24,800, after
retesting and bouncing off the 111-day moving average (MA) of the
Pi cycle that has supported BTC. According to a Twitter post
by crypto analyst Rekt Capital, a monthly close above the $24,800
downtrend line could confirm a new cycle for the largest
cryptocurrency on the market. If BTC holds about the resistance and
the broken downtrend line at $25,200, it could go even higher. If
Bitcoin can sustain its current price action and consolidate above
the current level, it could target the $30,000 level next. BTC
Price Action Boosts Confidence Among Investors According to
reporter Colin Wu, Bitcoin reported a new milestone reached in the
past 24 hours. The notional value of BTC options trading volume has
climbed to $2.5 billion, the second highest in history.
Moreover, liquidity is leaving the shores of the U.S. jurisdiction
into crypto markets, providing the necessary liquidity for the
current uptrend. In line with this, the price of Bitcoin has risen
over 20% in the last few days, showing investors’ confidence.
In addition, the nascent industry’s total market capitalization
continues to proliferate after dipping below the $1 trillion mark.
Holding above its 200-day moving average, the market cap seems
poised to regain its lost ground. With all of the above, a
new era sisupon the crypto industry, with the largest
cryptocurrencies in the market leading the way and hungry for a new
macro bull trend in the coming months. Related Reading: Kava Token
Continues To Shine With 47% Weekly Gains Bitcoin is currently
trading at $25,900 after reaching the $26,400 level. This
represents a significant gain of 7.4% in the last 24 hours and 16%
in the previous seven days. Featured image from Unsplash, chart
Gráfica de Acción Histórica
De Ago 2023 a Sep 2023
Gráfica de Acción Histórica
De Sep 2022 a Sep 2023