Bitcoin exceeds $ 30,000, here is the next goal if the bulls continue (Bitcoin price analysis)

Bitcoin exceeds $ 30,000, here is the next goal if the bulls continue (Bitcoin price analysis)

The price of Bitcoin has risen steadily lately and has continued its upward phase since the beginning of the year. However, the market is currently at an important level of resistance, and its reaction is of crucial importance for the trend in the coming months.

technical analysis

by: edris

the daily type:

In the daily time frame, the price has finally broken out of the narrow consolidation range around $ 28,000 mark and attacks the resistance of $ 30,000 aggressively. This level is both a decisive psychological and technical resistance area and would probably shape the short -term future of the cryptom market.

An outbreak could lead to an interest-bullish sequel in the direction of the next significant resistance zone, which is around $ 38,000 mark, while a rejection would lead to a decline in the direction of the gliding 50-day average, which would be around $ 26,000 marks and even $ 25,000 brand.

In any case, the bulls can still be optimistic, while the price remains above the sliding 200-day average, which is an important bull/bear market indicator.

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The 4-hour diagram:

The 4-hour chart shows that the price has difficulty breaking the resistance mark of $ 30,000 after it has recovered from the support area of ​​$ 28,000 a few days ago.

The RSI indicator also shows a clear bear-in divergence signal, which indicates a possible consolidation or correction at short notice.

In this case, you could again rely on the level of $ 28,000 to keep the price, while the range of $ 25,000 could also be tested again in the event of a deeper correction. All in all, there is no lack of support levels, and the bulls could finally relax after almost a year of a cruel declining market environment.

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on-chain analysis

by: edris

Short -term owner of Bitcoin SOPR

The price of Bitcoin has increased constantly, and many investors who bought at prices under $ 30,000 are now making profits. These owners are now expected to realize at least part of their profits, and the SOPR metric confirms this analysis.

The Spent Output Profit Ratio (SOPR) The short-term owner is a useful on-chain metric, which measures the ratio of the realized profits of owners who have bought their coins in the past six months. Values ​​over 1 indicate profit treatment, and values ​​under one are interpreted as investors who sell their coins with loss.

It is obvious that short -term owners who have bought their Bitcoin in the past few months have aggressively realized profits with a rate that resembles the all -time high of $ 69,000. While profit realization is natural behavior in a bull market, this could lead to a declining reversal and even a continuation of the bear market in the direction of lower prices if the offer does not meet sufficient demand.

Therefore, this key figure should be constantly monitored to determine whether the market is in the initial phase of a new bull run or just another bull trap.

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