BTCUSD Analysis: The Market Is Struggling to Hold Above the $30410.0 Key Level
BTCUSD is struggling to hold above $30410.0. The coin has been making an upward stride since dropping to the $16360.0 support level. The increase has been steady because the people who wanted prices to go up lost some of their power after a period of fluctuating prices. However, above $24810.0, there has been a bit of a struggle to ascend past the next resistance at $30410.0.
BTCUSD Key Levels
Supply Levels: $30410.0, $34760.0, $37790.0
Demand Levels: $24810.0, $19460.0, $16360.0
When BTC/USD price plummeted to $16360.0 on November 7, 2022, it only took the bulls two months into the new year to revive itself and push back upward above $19460.0. The next resistance levels were broken until the price got to $24810.0. The weakened buying base sought support back at $19460.0. Once again, the price shot upward for two months before violating the $24810.0 resistance.
Above $24810.0, the next resistance level is $30410.0. There has been a failed attempt to breach the level. Right now, the price has risen to the resistance again and is struggling to break and hold above it, and it is already over three months below this level. The ATR (Average True Range) shows the market’s volatility. The volatility rose steadily until the price got trapped below $30410.0. The buyers may already be exhausted.
Market Expectations
The MA Cross (Moving Average) on the daily chart is still upwardly crossed, while on the 4-hour chart, the lines are moving laterally with the market around the $30410.0 level. This shows optimism that the coin can still get over the $30410.0 line. Sometimes the level of change in the market goes up quickly, as seen on the 4-hour ATR line. One of these could give the market the needed push to rise clear of $30410.0 and push towards the $34760.0 resistance.
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