Bitcoin Price Hits $30,000: Can It Still Hit $35,000 Glass Ceiling?

On Monday night, Bitcoin rallied, breaching the significant psychological threshold of $30,000.

Investors were eagerly awaiting major inflation data later in the week, which could affect cryptocurrency prices. The leading cryptocurrency by market capitalization rose 7% to reach $30,193.25, its highest level since June 2022.

*BITCOIN EXCEEDS $30,000 FOR THE FIRST TIME SINCE JUNE 2022#BTC #BITCOIN pic.twitter.com/IlgbbwNuqG

— Investing.com (@Investingcom) April 11, 2023

Bitcoin Rises To $30,000 And May Hit Mid-High 30s

Bitcoin has recently rallied to touch $30,000 and could potentially reach the mid to high 30s if the momentum continues.

According to James Lavish, managing partner of Bitcoin Opportunity Fund, this rise in price may prompt short speculators to cover their positions and buy. Traders are also watching the next Consumer Price Index figure, which could give the Fed a reason to pause its rate hikes, which would boost assets like bitcoin. The latest reading of the producer price index is also expected to have an impact on the market.

Both Bitcoin and Ether have been on a rally this year, with Bitcoin seeing gains of over 80% and Ether adding 60% to its value so far. While the two crypto assets have historically moved in tandem, they were decoupled in March due to a “flight to quality” in Bitcoin following bank closures. However, they are still somewhat correlated and both assets are influenced by macro drivers. The upcoming inflation data will be a crucial factor in determining the Fed’s rate hike campaign.

HUGE: Presidential candidate Robert Kennedy vandalizes CBDCs, then says #Bitcoin it is an “escape route”. pic.twitter.com/YK0YxReQdZ

—Dennis Porter (@Dennis_Porter_) April 10, 2023

Bitcoin Price Performance

Bitcoin has seen a significant increase in its price, breaking the critical $28,800 resistance level and experiencing an increase of more than 6.5%. This bullish momentum has the potential to take it even beyond the $30,500 resistance zone. Furthermore, Bitcoin has established a solid base of support above the $28,000 level, allowing it to break out of the crucial resistance zone and continue its impressive growth.

The hourly chart of the BTC/USD pair is showing a bullish continuation pattern with resistance around $28,900 which, upon breaking, has facilitated a sustained uptrend beyond the $29,200 resistance zone.

At the time of writing, the price of Bitcoin trades at $30,100.92, with a 24-hour trading volume of $20,646,809,239. This represents a price increase of 6.31% in the last 24 hours and a price increase of 8.21% in the last 7 days. With a circulating supply of 19 million BTC, Bitcoin’s market cap is currently valued at $582,240,590,514.

Bitcoin Price Prediction: BTC Positive Trend

Bitcoin has broken out of the consolidation state and is consequently above the $30,000 resistance zone. There is still more room for the bulls to push the price into the mid-30s and pull back to the $30,000 support level. .

If Bitcoin manages to break above the $30,500 psychological resistance level, it could continue its uptrend and reach the next significant resistance level around $32,000. However, if the price fails to break above this level, a downward correction may occur. .

Furthermore, the price is trading above the 50-day and 200-day moving averages. The parabolic curve still suggests an upward price move, as the price is still trading along the curve.

In the event of a correction, immediate support can be found at the $30,000 level, followed by significant support in the $29,200 zone and the 50% Fibonacci retracement level of the recent rise. A break below the $29,200 support level could result in a further decline towards $28,800, and any further losses could send the price down to the $28,000 support zone.

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