Bitcoin Bulls and Bears Battle as BTC Hits $30K, Then Falls
• Bitcoin recently surged to $30,144 but quickly plummeted to $29,940.
• BTC is currently trading at $29,751 and volatility indicators are nearing record lows.
• Analysts predict a continued bullish trend given the established pattern and upcoming halving.
Bitcoin Bulls and Bears Battle as BTC Touches $30K & Falls
Recent Price Movement
Bitcoin, the dominant cryptocurrency by market capitalization, recently surged to $30,144 just a few hours ago, sparking excitement within the community after two weeks of anticipation. However, this surge was short-lived as the price swiftly plummeted to $29,940 within half an hour. Currently, BTC is trading at $29,751 reflecting a 1.78% decrease in the past 24 hours showcasing a battle between bullish and bearish sentiments. Curiously, Bitcoin’s price is experiencing an unusual period of calm with volatility indicators nearing record lows. Yet the upward BTC price movement remains constrained within a range of $28 670 to $31 000.
Long Term Outlook
Notably Novogratz a cryptocurrency authority shared that insiders at BlackRock and Invesco indicate approval of Bitcoin ETFs which could impact future prices positively over time. Analysts predict a continued bullish trend given the established pattern and upcoming halving where notable figures like Adam Back Blockstream’s CEO have expressed confidence in Bitcoin’s trajectory engaging in million-dollar wagers predicting a potential peak of 100k by March 31 2024.
Analyzing daily price charts reveals temporary dips above short term 50 day simple moving averages (50 SMA) underlining prevailing bullish sentiment positioned at 29 406 If the price sustains below 28 861 it could indicate bearish resolve prompting BTC/USD pairs to decline potentially reaching 26k or 24 800 Meanwhile daily relative strength index (RSI) is at 53 potentially indicating oversold conditions with 32 19 % increase in trading volume totaling 18 255 572 664 for bitcoin
Golden Cross Formation On 3D Chart
Bitcoin formed its 3rd Golden Cross on the 3D time frame! This chart pattern indicates when 50MA crosses above 200MA indicating previous ATH’s when this pattern was made such as 5178 % jump in 2016 or 2019 .This formation suggests that 200 MA may support new all time highs for bitcoin in future
It appears that there is an ongoing battle between bulls and bears for bitcoin as both sides attempt to control prices amidst low volatility ranges Long term HODLers appear optimistic about historical gains while analysts remain confident due to established patterns Technical analysis also suggests potential bull runs ahead with golden cross formation on 3D chart supporting previous ATH’s .