Bitcoin (BTCUSD) Encounters Challenges Surpassing $30,000

BTCUSD Encounters Challenges in Rising Above the $30,000 Level

BTCUSD market’s recent 8-week journey has been a roller coaster. After a sharp rise above $30,000 in late June, the coin sustained that level until mid-July, when bearish pressure dropped it below. Bears dominated until early August when buyers regained momentum. Currently, the value of the coin is steadily increasing and approaching $30,000. However, it is encountering some resistance in surpassing this price point, despite the expectation of further upward movement.

BTCUSD Key Levels

Supply Levels: $30000.0, $35000.0, $38000.0
Demand Levels: $25000.0, $19500.0, $165000.0

 

BTCUSD has navigated a tumultuous path over the past eight weeks. Initially surging above $30,000 by the end of June, the coin maintained this position until mid-July, when bearish forces prevailed, leading to a drop below that threshold. The bears continued to exert dominance until early August, at which point buyers initiated a recovery.

Despite the current ascent towards $30,000, surpassing this level proves to be a formidable task; however, an anticipated upturn in bullish momentum is on the horizon. On the daily chart, candlesticks strive to surpass the middle Bollinger Band, potentially serving as a launching pad for the coin’s advancement beyond the target level.

Market Expectations

This sentiment is bolstered by the consistent ascent of the Stochastic Oscillator lines within the same timeframe. On the lower timeframes, the most recent rejection following a test of the $30,000 key level is evident. The Stochastic Oscillator lines exhibit a substantial descent from overbought to oversold, yet the price is endeavoring to maintain its position above the middle Bollinger line.

 

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.