Here, the final resistance for BTC in front of a possible rally is $ 30,000 (Bitcoin price analysis)
Here, the final resistance for BTC in front of a possible rally is $ 30,000 (Bitcoin price analysis)
The latest price peaks from Bitcoin underline demand and trust in the cryptom market. This led to a significant increase in many cryptocurrencies. However, the price still faces a critical level of resistance of $ 25,000 before ending the bear market.
technical analysis
of Shayan
The weekly chart
If you look at a larger picture of the Bitcoin price in the weekly time frame, the price campaign looks similar to the last captual phase of the Bärenmarkt 2018. During the final phase of the Baisse 2018, Bitcoin's price decreased significantly and collapsed by 50 %. As a result, many market participants surrendered and realized significant losses. Then Bitcoin found his low point and rose unexpectedly, which initiated the 2019 bull run.
The same structure now occurs; After a massive downward trend that fell to the level of $ 15,000, the market experienced a number of capitulation events. It recently started an upward trend and exceeded many essential resistance levels.
Despite the similarities shown, it could soon be called a bull market because it requires more attention.
Tradingview
the daily -type
In the daily time frame, it is obvious that the price has exceeded the trend line, which has been increasingly descending, has entered a correction phase and has formed a pullback. During the correction phase, the price tested the open trend line again and was supported by the level of support of $ 22,000.
However,Bitcoin has achieved a decisive and decisive level of resistance of $ 25,000. It is a technical and psychological barrier and the most important barrier for the price since mid -June 2022. However, if BTC exceeds this level, an impulsive increase in the direction of the next resistance region, the $ 30,000 mark, will be more likely.
Nevertheless, there is a declining divergence between the price and the RSI indicator, which could lead to a short-term correction of the price before trying to break through the $ 25,000 mark.
Tradingview
on-chain analysis
of Shayan
The Bitcoin Bärenmarkt has led to enormous losses for all participants in the past few months. Even long -term investors who normally spend their coins profitably now suffer losses. It is common for long -term owners to act in the late phase of a bear market if all market participants sell or "surrender".
The SOPR metric of a long-term owner measures how much profit or loss he realizes. Since the end of May 2022, this key figure has been under one, which indicates that long -term owners lose money.
Historically, the beginning of the bull market was simultaneously with crossing the metric over one. Finally, the metric began to relax and rose slightly due to the upward trend of the Bitcoin price.Nevertheless, it is still too early to describe the level of $ 15.5,000 as the low point of the bear market, since the latest impulsive rally could be a bull trap. It is important to observe the SOPR metric of the long-term owners closely in order to predict the course direction.
Cryptoquant
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