- Bitcoin’s price surpasses $30K level, but dips below it.
- BTC’s surge strengthens its position against Ethereum by 0.85%.
- Bitcoin’s recent price movement could transform negative sentiments into positive ones.
The market leader of Bitcoin (BTC) has experienced a positive turn as its price surpassed the $30K level within the last 24 hours of trading. This achievement followed a notable increase of over 2% during this period. However, it is worth noting that the price has since dipped below this significant psychological level, currently trading at $29,552.22, as reported by CoinMarketCap.
The surge in BTC’s price has further bolstered its position against Ethereum (ETH) by approximately 0.85%. Moreover, the market leader witnessed a significant surge in its 24-hour trading volume, surpassing a 50% increase in the past day, reaching approximately $19.68 billion.
According to Santiment, a prominent on-chain analytics platform, Bitcoin’s surge above the $30K mark has garnered significant interest from traders, evident by the increasing trading volumes for the leading cryptocurrency. Additionally, Santiment suggests that this recent price movement has the potential to transform the prevailing negative sentiments surrounding Bitcoin into positive ones.
This noteworthy observation indicates a potential shift in traders’ focus from altcoins to a specific emphasis on BTC in the upcoming weeks. The impending BTC halving event could also significantly drive this change in sentiment and attention towards BTC.
BTC peaked at $30,047.50 during today’s trading session, showcasing its technical prowess. Although it temporarily dipped below this significant price level, there are indications of a potential short-term bullish technical flag that could be activated. This suggests the market leader might conclude today’s daily candle above the $30K mark.
The 9-day exponential moving average (EMA) attempted to cross above the 20-day EMA, indicating a potentially bullish signal for the cryptocurrency. If these two technical indicators successfully intersect, it would suggest a short-term positive trend for the cryptocurrency. Under such circumstances, Bitcoin (BTC) may gather the necessary momentum to achieve a daily candle close above $30K, paving the way for a potential rise towards $32K.
However, if BTC fails to achieve a daily candle closure above the $30K threshold in the next 48 hours, it could decline towards the subsequent significant support level. As a result, BTC’s price may experience a downward movement, potentially reaching as low as $27K in the upcoming week.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
