Search Inside Bitcoins

Bitcoin Price Hits $30,000 – Can it still achieve $35000 Glass Ceiling?

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Bitcoin price
Bitcoin price

Join Our Telegram channel to stay up to date on breaking news coverage

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 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.

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 

BTCUSDT Price Analysis on 11/04/2023. Source 
BTCUSDT Price Analysis. Source

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.


New Crypto Mining Platform - Bitcoin Minetrix


Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now - BTCMTX
  • Staking Rewards - Over 50% APY
Bitcoin Minetrix

Join Our Telegram channel to stay up to date on breaking news coverage

Read next