Bitcoin Price Holds $28K, Will BTC Price Reach $30K in Mid-2023?

• 1 Bitcoin price holds $28,000 but failed to give follow up momentum.
• 2 BTC price is up by about 23% since March.
• 3 Bitcoin crypto price is trading above the 50 and 200 day EMAs showcasing an uptrend.

Bitcoin price is up by nearly 23% since last month and is forming a bullish continuation pattern. BTC price succeeded to hold the $28,000 level and seems to be getting stuck in the narrow range consolidation between $26,000 to $28,500.

Bitcoin price sustained above the 50 and 200 day EMAs indicating that the positional trend is in the upward direction. However, the prices are trading away from the 50 day EMA. Minor profit booking or retracement is possible in the coming days. The volume in BTC crypto is in the declining phase, which denotes that buyers lack momentum on the higher levels. 

Bitcoin price is trading at $28,514 with an intraday rise of 1.24% and 24 hour volume to market cap ratio at 0.0294. At the beginning of March, Bitcoin price dropped below the $22,000 level due to sell off in the global crypto market which disturbed the investors’ sentiment. 

Later, Bitcoin witnessed a massive selling spike in the selling volume and prices saw a low swing at $19.549. In mid-March, global market sentiment recovered and BTC price gave a strong rebound from the demand zone.

Will Bitcoin Price Continue to Rise?

Bitcoin price formed a bullish hammer candle pattern near $20,000 level and showed a sharp recovery of about 45% from the lower levels. Buying volume also spiked, indicating that some genuine buyers have taken the fall as an opportunity to build up long positions. 

Later, BTC price broke out of previous week’s high at $25,300 and surged 10% on a single day. However, the prices failed to give the follow up momentum and got stuck in the narrow range consolidation.

Technical analysis suggests that BTC price is in the bulls’ grip and minor dips have a high possibility of bouncing back from the lower levels. However, if it consolidates for some more time, then the probability of the upward range expansion is high.

BTC Price Struggles at Supply Zone

BTC price is forming a Doji candle pattern from the past three consecutive weeks but prices struggle to break the higher range. It shows sellers are also not ready to step back from the supply zone. Technical indicators like MACD had generated a negative crossover but the curve is sloping sideways, indicating price is likely to consolidate for some time. The RSI at 62 denotes the strength of the buyers and more upside is open for the bulls. 

Conclusion

Bitcoin price holds $28,000 mark and is up by 23% on a previous month. BTC price seems to be stuck in the narrow range consolidation and likely to break either side soon. Technical analysis suggests that Bitcoin crypto price is in the bulls’ grip and possibility of the upward range expansion is high. However, the prices are overstretched and minor profit booking might also be triggered from the supply zone.

Technical levels

Resistance levels : $30,000 and $32,000

Support levels : $25,300 and $22,000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.