Bitcoin is currently facing a significant resistance at $30K, which has been holding the price for a long time. If Bitcoin manages to break through this resistance, it could result in a bullish bias for the cryptocurrency in the medium term.
On the daily chart, Bitcoin has found support at both the static support level of $25K and the lower trendline of the channel. This has led to a significant surge in buying pressure, with the aim of breaking through the $30K resistance. However, once Bitcoin reached the $30K level, it entered a consolidation phase with weakened bullish momentum.
It is worth noting that the price has formed a double-top pattern at the $30K level, which is a bearish reversal pattern. This increases the likelihood of a short-term reversal. Additionally, the RSI indicator is indicating an overbought condition in the market, which could act as a catalyst for a potential reversal.
If the price is rejected within this crucial price range, the first target for Bitcoin would be the 100-day moving average of $27,900.
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