- Bitcoin Price witnessed large losses on friday, testing the lowest level since 2021.
- Bitcoin price dipped below the $30,000 mark, returned back from $26,700 resulting in the lowest level from 2021.
- The Pair of BTC/ETH is at 14.46 ETH with an intraday drop of 2.00%.
Bitcoin price is trying to get up from its lowest level and the reason behind its fall is said to be TerraUSD, a so-called stablecoin, folds through markets. The consequences of UST the stablecoin is being compensated by Terraform Labs. It’s a matter of time to see if Terra Ecosystem rips apart or accumulates its power for recreation. The traditional and the most dominant cryptocurrency, ie. BTC again signifies the example of “Phoenix Bird” resembles the trait of “Rising from its own ashes”. BTC got up from the lowest level of $26,700 amid the bear market crisis in the whole cryptocurrency market proving its dominance all around.
Bitcoin price is presently CMP at $30,500 and has gained 12.60% of its market capitalization in the last 24-hour period. However, trading volume has decreased by 19.95% in the intraday trading session. Volume change notifies investors that the bear market is still on and traders must be all aware of it. Volume to market cap ratio is 0.1097.
The above TradingView chart of BTC/USD showcases the crypto assets recovery phase. The token must sustain to rise towards the $32,000 primary resistance level during the intraday trading session over the hourly chart. BTC investors are looking for a steady recovery phase over the chart. However, volume change can be seen below average and needs to grow for BTC to sustain above $30,000 psychological level. BTC has recovered till 20 SMA and now aims for remaining bullish hurdles of 50, 100 and 200-days DMA.
Will BTC sustain above $30,000?
Know some interesting levels to be attained by Bitcoin in the short term. BTC must sustain above $30,000 to attain the resistance level by accumulating investors on each level. The first level to be attained by BTC is at $32,000 and then if it sustain above the respective level then investors can expect the hike till $34,000.
These levels are to be attained by BTC in near future, however bear market and things like, UST the so called stablecoin may affect the market’s movement and make it hard for BTC to successfully achieve the levels. BTC investors are predetermined of the potential and as I always mention this phoenix bird never lets down the hopes of investors.
Technical Indicators suggest that BTC is approaching neutrality over the hourly chart. The Relative Strength Index showcases neutrality for Bitcoin. MACD exhibits the recovery phase of BTC over the hourly chart. The MACD line is above the signal line after a positive crossover.
BTC got up from the lowest level of $26,700 amid the bear market crisis in the whole cryptocurrency market proving its dominance all around. Volume change notifies investors that the bear market is still on and traders must be all aware of it. However, bear market and things like UST, the so-called stablecoin, may affect the market’s movement and make it hard for BTC to successfully achieve the levels.
Support Levels: $27,400 and $25,000
Resistance Levels: $32,000 and $34,000
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.