BTC is increasing to the highest point since June 2022, are $ 30,000 in sight? (Bitcoin price analysis)

BTC is increasing to the highest point since June 2022, are $ 30,000 in sight? (Bitcoin price analysis)

The price of Bitcoin has risen sharply in the past few days and has exceeded an important level of resistance. While the momentum is very bullish, there are some warning signals that you should pay attention to.

technical analysis

from: Edris

the daily type:

On the daily chart, the course has a decisive recovering compared to the significant, gliding 200-day average, which was around $ 20,000 a few days ago. Since then, the market has been impulsive and finally breaks through the resistance brand of $ 25,000.

The key zone of $ 30,000 is currently the next likely goal for the price. An outbreak of this area would be wonderful for the bulls, since the market would probably enter up in the coming months.

The RSI indicator should, however, be observed closely because it enters the overbought area, and at short notice a declining sweater or consolidation is likely.

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The 4-hour diagram:

If you look at the 4-hour time frame, the rally becomes more interesting. The price has recovered around the $ 20,000 area and broke two significant resistance levels in a short time. Both the level of $ 23,000 and the level of $ 25,000 can now offer a certain support in the event of a retracement.

The RSI indicator also shows clear overbought signals in this time frame, and a decline under the 70 %mark could trigger a pullback in the next few days. In view of a clear interest bully market structure and several available significant level of support, the bulls can hope that the price will reach the important level of resistance of $ 30,000, even if a correction occurs.

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on-chain analysis

by: edris

Bitcoin miner reserve

The price of Bitcoin has finally exceeded an important technical resistance level, so that investors wonder whether the bear market is finally over or whether the latest rally is just another bull trap. Therefore, the analysis of the behavior of the miners could provide useful knowledge.

If you look at the miner reserve metric, which measures the amount of BTC in its wallets, it is obvious that you have used the latest price increase as a sales opportunity to cover your operating costs.

This key figure was in a steep downward trend last month and shows no signs of slowing down. If the miners' sales pressure continues, a declining reversal could be expected at short notice, since the market would be flooded with an oversupply.

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