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On Monday evening, Bitcoin surged, surpassing the significant psychological threshold of $30,000.
Investors were eagerly anticipating important inflation data later in the week, which could potentially affect cryptocurrency prices. The leading cryptocurrency by market capitalization increased by 7% to reach $30,193.25, its highest level since June 2022.
*BITCOIN CLIMBS PAST $30,000 FOR THE FIRST TIME SINCE JUNE 2022#BTC #BITCOIN pic.twitter.com/IlgbbwNuqG
— Investing.com (@Investingcom) April 11, 2023
Bitcoin Surges to $30,000 and May Reach Mid- to High-30s
Bitcoin has recently surged to touch $30,000 and could potentially reach the mid-to high-30s if the momentum continues.
According to James Lavish, managing partner at the Bitcoin Opportunity Fund, this surge in price may prompt short speculators to cover their positions and buy-in. Traders are also keeping a close eye on the upcoming consumer price index number, which could potentially give the Fed reason to pause its rate hikes, providing a boost to assets such as bitcoin. The latest reading on the producer price index is also expected to impact the market.
Bitcoin and Ether have both been on a rally this year, with Bitcoin seeing gains of over 80% and Ether adding 60% to its value so far. While historically the two crypto assets have moved in tandem, they decoupled in March due to a “flight to quality” in Bitcoin following bank closures. However, they remain somewhat correlated, and both assets are influenced by macro drivers. The upcoming inflation data will be a crucial factor in determining the Fed’s rate-hiking campaign.
HUGE: Presidential hopeful Robert Kennedy trashes on CBDCs then says #Bitcoin is an “escape route”. pic.twitter.com/YK0YxReQdZ
— Dennis Porter (@Dennis_Porter_) April 10, 2023
Bitcoin Price Performance
Bitcoin has seen a significant surge in its price, breaking through the critical $28,800 resistance level and experiencing a more than 6.5% increase. This upward momentum has the potential to carry it even further beyond the $30,500 resistance zone. In addition, Bitcoin has established a solid support base above the $28,000 level, which has allowed it to breach the crucial resistance zone and continue its impressive growth.
The BTC/USD pair’s hourly chart shows a bullish continuation pattern with resistance around $28,900, which, when broken, has facilitated a sustained upward trend beyond the $29,200 resistance zone.
At the time of writing, Bitcoin’s price is trading at $30,100.92, with a 24-hour trading volume of $20,646,809,239. This represents a 6.31% price increase in the last 24 hours and an 8.21% price increase in the past 7 days. With a circulating supply of 19 million BTC, Bitcoin’s market cap is currently valued at $582,240,590,514.
Bitcoin Price Prediction: BTC Positive Trend
Bitcoin has broken out of the consolidation state and consequently is above the $30000 resistance zone. There is still more room for bulls to push the price up to the mid-30s and retrace back to the $30000 support level.
If Bitcoin manages to break above the psychological resistance level at $30,500, it could potentially continue its upward trend and reach the next significant resistance level at around $32,000. However, if the price fails to surpass this level, a downward correction may occur.
Furthermore, the price is trading above the 50-day and 200-day moving averages. The parabolic curve still suggests an upward movement of the price, as the price is still trading along the curve.
In case of a correction, immediate support can be found at the $30,000 level, followed by significant support at the $29,200 zone and the 50% Fibonacci retracement level of the recent surge. A break below the $29,200 support level could result in a further drop toward $28,800, and any additional losses could bring the price down to the $28,000 support zone.
Related
- Bitcoin Price Rise To $28,400 – Will We See $30,000 This Week?
- Bitcoin Price Prediction for Today, April 10: BTC/USD Conquers $29,000 Level
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