Bitcoin’s Price Aims for $30K with Recent Uptick

Bitcoin's price is making a fresh push above $29,000 and it has its sights set on the $30,000 resistance in the short term.

Bitcoin’s Price Aims For $30k With Recent Uptick_65d5cbc8131c2.webp

Bitcoin’s Price Push Above $29,000

Bitcoin’s price is making a fresh push above $29,000, and it has its sights set on the $30,000 resistance in the short term.

Bitcoin saw support around $28,150 and initiated a new upward movement.

The price is currently above $28,500 and the 100-hour Simple Moving Average (SMA).

An important ascending channel is taking shape, with resistance near $29,000, as depicted on the BTC/USD hourly chart (data sourced from Kraken).

If the price manages to surpass the $29,000 resistance, further gains could be on the horizon.

Bitcoin Price Seeks an Upward Break

Bitcoin’s price encountered difficulties around the $29,000 mark. It even dipped below $28,250 before the bulls made a comeback. The price found a foothold near the $28,150 region and has recently initiated an upward trend.

Bitcoin’s price surpassed the $28,400 and $28,500 resistance levels. It also cleared the 61.8% Fibonacci retracement level of the recent downtrend from the $28,980 high to the $28,150 low. Additionally, the hourly BTC/USD chart displays a crucial ascending channel with resistance around $29,000.

Currently, Bitcoin is trading above $28,500 and the 100-hour Simple Moving Average. It is gradually picking up momentum and consolidating near the 76.4% Fibonacci retracement level of the aforementioned downward move from the $28,980 high to the $28,150 low.

On the upside, immediate resistance is around the $28,950 level, followed by the critical resistance at $29,000 within the channel’s boundaries. A successful breach of the $29,000 resistance area could pave the way for a more substantial rally. The next significant resistance level is at $29,500, and any further upward movement might propel Bitcoin towards the $30,000 mark, above which the bulls could aim for $31,200.

>>> Bitcoin Surges to $29,000, Cathie Wood Forecasts Even Stronger Growth

Potential Decline for BTC

If Bitcoin fails to surpass the $29,000 resistance zone, it could face a downward turn. Initial support lies near the $28,650 level.

The next substantial support level is around $28,350, coupled with the 100-hour Simple Moving Average. The primary support is currently forming around $28,150. If there is a downside break and the price closes below the $28,150 support, it might trigger further losses in the short term. The following support rests at $27,650, and a breach of this level could test $28,120.

Technical Indicators:

  • Hourly MACD – The MACD is moving further into the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
  • Major Support Levels – $28,650, followed by $28,150.
  • Major Resistance Levels – $28,950, $29,000, and $30,000.

Over 30,000 BTC Moved Off Exchanges as Investors Prepare for the Next Bitcoin Price Surge

In the midst of global chaos and unpredictable financial markets, Bitcoin exchanges are witnessing a significant outflow of funds. On Wednesday, cryptocurrency analyst Ali Martinez highlighted this development, tweeting that nearly 33,000 Bitcoins, valued at approximately $924 million, have been withdrawn from known cryptocurrency exchange wallets over the past five days, according to data from Cryptoquant.

Elsewhere, Bitstamp Exchange saw the most substantial capital outflow in over a year, with around 5,000 Bitcoins, equivalent to about $140 million, leaving the platform. Bitstamp’s holdings now stand at around 40,000 Bitcoins, marking their lowest level since 2013.

Analysts suggest that the shift to cold storage wallets indicates that long-term holders are betting on a future increase in Bitcoin’s price. The substantial outflow of funds has reduced the Bitcoin supply on exchanges, potentially pushing prices higher.

Conversely, on October 18, OKX Exchange experienced the most significant inflow of Bitcoin in nearly three years, with around 8,000 Bitcoins, valued at approximately $224 million, flowing into the platform.

OKX proudly holds the highest amount since the beginning of the year, with approximately 143,000 Bitcoins, a level unseen since January 2021. These flow dynamics highlight the unpredictable nature of Bitcoin exchanges and the contrasting strategies employed by individual platforms in the current turbulent market.

This situation reminds some experts of the conditions observed in November 2020 when the previous bull run began.

Meanwhile, some analysts are optimistic in their predictions. They speculate that the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) could come sooner than expected.

Notably, a report on Wednesday by Law360 stated that the SEC’s choice not to oppose the reversal of its rejection of Grayscale Investments’ bitcoin exchange-traded fund (ETF) proposal indicates that the agency is likely preparing to approve numerous ETF funds related to bitcoin.

This suggests that the approval of ETFs is expected to have a profound impact on the cryptocurrency market. According to CryptoQuant’s report, the approval of a Bitcoin ETF could inject around $1 trillion into the cryptocurrency market’s market capitalization, likely driving the price of cryptocurrencies to $73,000.

Amidst these developments, Bitcoin remains resilient, holding its position above the psychological support level of $28,000. At the time of writing, the cryptocurrency is trading at $28,788, reflecting a 2% increase over the past 24 hours. Over the past week, BTC has seen a gain of just over 7%.

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