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BTCUSD Pumps Further Upward Towards the $30,000 Mark
BTCUSD pumps by more than 7% to reach the $30,000 significant level. The market has been displaying bullish tendencies since it jerked off the $25,000 support level. This is an emulation of previous trends that occurred in November 2015 and 2019, just before the Bitcoin halving events.
BTCUSD Key Levels
Supply Levels: $30,000, $35,000
Demand Levels: $26,300, $28,000
As it stands, the Bitcoin market has made a step-wise rise by making consistently higher highs and higher lows, up to the point where it has now tested the $30,000 resistance level. At this point, following its trend, the price is likely to retrace back towards $28,000 before another price surge that will lift it above $30,000.
On the daily chart, the upper Bollinger Band has been stretched to give way to the price reaching $30,000. There will likely be a pullback as the bulls take a breather. The RSI (Relative Strength Index) has finally stretched into the overbought region after careful ascension.
Market Expectations
On the 4-hour chart, the price is bouncing above the middle line of the Bollinger Band as it ascends, and it is likely to fall back to it before another upward bounce. The RSI is showing a thoroughly overbought market as the RSI line maintains a lateral movement in the overbought zone.
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