Bitcoin Nearing $30,000
Bitcoin’s price is approaching the important milestone of $30,000, which has attracted the attention of enthusiasts and analysts. The prevailing sentiment seems to be not a matter of “if” but “when” BTC will surpass this significant level.
The founder of Glassnode, known as “Negentropic,” recently shared insights on Bitcoin’s current price action. According to the analyst, Bitcoin has consistently remained above the $28,000 range and is comfortably sitting above the 100-hourly SMA (Simple Moving Average).
Bitcoin’s Potential Upward Movement
Negentropic identified an immediate resistance level for Bitcoin at $28,550. If Bitcoin can break through this resistance and surpass the $29,500 mark, it is highly likely that the cryptocurrency will target the coveted $30,000 level. The analyst even suggests that a peak around $30,650 is not unrealistic given the current momentum.
Are bulls taking control as they rally around the $28k zone?
Main takeaways:
• Current price > $28k & above the 100 hourly SMA ecosystem’s key players are anticipating a continued upward trajectory for BTC.
Recent Price Action of BTC
In recent times, Bitcoin has displayed a bullish trend. Over the past week, its price has surged by 7.5%, pushing it above the $28,500 threshold. Currently priced at $28,698, Bitcoin has seen a 1.2% increase in the last 24 hours.
Another expert named Ali Martinez highlighted the significance of the $25,000 and $30,000 price ranges in Bitcoin’s trajectory. These levels are considered crucial demand areas in Bitcoin’s history, as they marked the entry points of institutional giants like MicroStrategy and Tesla into the cryptocurrency market.
Most people, especially institutional investors like @saylor @MicroStrategy & @elonmusk @Tesla, bought #Bitcoin between $25K & $30K, making this a crucial demand bucket in $BTC history.
So when they tell you “It’s too late to buy #BTC” or “Wait for $20K,” please ignore them!
Hot Take: Bitcoin Poised for Further Gains
With Bitcoin hovering near $30,000 and showing strong momentum, it appears that the cryptocurrency is on track for further gains. The resistance at $28,550 could act as a catalyst for BTC to surpass the coveted $30,000 level. As institutional players continue to enter the market and bullish sentiment prevails, Bitcoin’s upward trajectory seems likely to continue.
Featured image from Unsplash, Chart from TradingView
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