Bitcoin Eyeing $30,000 as Short-Term Rally Continues
Bitcoin (BTC) is once again grabbing market attention as it aims to surpass the $30,000 level during the ongoing short-term rally. Analysts predict that Bitcoin is poised for further gains, potentially reaching a new all-time high.
Technical Indicators Suggest Continuous Upward Trajectory
Prominent crypto trading analyst TradingShot highlights Bitcoin’s strong technical indicators and historical patterns that suggest a continuous upward trajectory. A correction is only expected once specific criteria are met. Bitcoin is eyeing the $35,000 mark, defying skepticism following fake news about a spot Bitcoin Exchange-Traded Fund (ETF).
Bitcoin’s 1-day Relative Strength Index (RSI) has entered overbought territory, but this condition may not cause concern for those expecting a correction. The analyst points out that Bitcoin exhibits a compelling one-year pattern resembling a ‘Channel Up’, indicating that the current uptick could propel Bitcoin to new heights.
Bitcoin’s Dual Moving Average Support
The 1-day moving average (MA) indicators support this bullish thesis. The 1-day MA50 and MA100 have both reinforced belief in Bitcoin’s upward momentum, mirroring the pattern seen in the previous bullish leg. The next crucial buy opportunity will arise when Bitcoin corrects to the 1-day MA100.
“We don’t expect a correction now, despite the overbought RSI. We will wait for at least 3 Lower Highs to take profit and wait for a 1D MA100 correction. That will be the buy with which we will target a symmetrical Higher High at 35500 on the 1.5 Fibonacci extension,” TradingShot said.
Possible Spot Bitcoin ETF Approval
Bitcoin is striving to reclaim the $30,000 mark after the debunked news about the approval of a spot Bitcoin ETF by the Securities and Exchange Commission (SEC). While some analysts suggest the possibility of approval by year-end, the SEC has not committed to a specific timeline. A recent court ruling against the SEC’s refusal to grant Grayscale a Bitcoin ETF strengthens the chances of approval in the near future.
Bitcoin Price Analysis
By press time, Bitcoin is valued at $29,803 with daily gains of approximately 1%. On the weekly chart, Bitcoin has seen over a 10% increase. Technical indicators from TradingView suggest a ‘strong buy’ sentiment, while oscillators remain neutral.
Bitcoin continues to consolidate within the range of $25,000 to $30,000 as it maintains its short-term gains.
Hot Take: Bitcoin Gains Momentum Amidst Positive Technical Indicators
The ongoing short-term rally has brought renewed attention to Bitcoin as it aims to surpass $30,000. Technical indicators and historical patterns suggest that Bitcoin is on a continuous upward trajectory. Despite entering overbought territory, there is no immediate concern for a correction. The dual moving average support reinforces belief in Bitcoin’s upward momentum. Additionally, the possibility of a spot Bitcoin ETF approval by the SEC increases optimism in the market. With positive price analysis and bullish sentiment, Bitcoin continues to consolidate within its current range. Overall, Bitcoin is gaining momentum and may soon reach new heights.
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