Bitcoin Price Steadies Uptrend Above $30,000 As Bulls Eye More Gains – Why Is This BTC Buy Signal The Key

John Isige
June 27, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitcoin price holds above $30,000

Bitcoin price, although not climbing the ladder to the coveted $38,000 resistance level, it is sustaining its position above $30,000. Bulls seem to be at ease, with consolidation allowed to take precedence ahead of an anticipated breakout above the 12-month high of $31,428, according to price data as tracked by CoinGape.

As reported in the previous analysis, Bitcoin price only needs to uphold the position above $30,000 this week to allow for more buyers to join the bandwagon, thus creating enough momentum to settle scores with the seller congestion in the region between $31,000 and $32,000.

Bitcoin price has, in the last 24 hours, gained only 0.6% while boasting a 13% uptick over the last week. With the BTC dominance continuing to grow such that it stands at $590 billion, up from $303 billion just after the FTX-triggered crash in November, the market outlook will probably stay substantially bullish in the short term.

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Bitcoin Price Could Experience Turbulence Before Lifting to $38,000

Despite the calmness currently experienced in the crypto market, in a recent commentary shared with CoinDesk, Deribit’s Chief Risk Officer, Shaun Fernando, shed light on the ‘max pain’ threshold for Bitcoin.

This is a critical market juncture that could inflict the greatest financial damage on option holders while concurrently offering the possibility of maximum earnings to option sellers.

Fernando pointed out that this threshold currently lies at a Bitcoin price point of $26,000. He posited that achieving this price level would likely mitigate some of the downward pressure on Bitcoin following the impending options expiration.

“With an impressive open interest of over $350 million at the 30k strike, the approaching quarterly expiration promises an exhilarating conclusion, carrying the potential for price turbulence amidst diverse gamma hedging strategies,” Fernando explained in the written statement.

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Navigating The Next Few Days to Make The Most Out of Bitcoin Price Bullish Outlook

Bitcoin price upholds the uptrend thanks to a buy signal from the Moving Average Convergence Divergence (MACD) indicator. If support at $30,000 is defended at all costs, BTC will keep calling more investors – both retail and institutional to board the ship before it sails too far.

Bitcoin price holds above $30,000
BTC/USD daily chart | Tradingview

In the event the MACD line in blue stays above the signal line in red, the odds will continue leaning on the bullish side. Moreover, BTC’s position above all the applied moving averages, including the 50-day EMA (red), the 100-day EMA (blue), and the 200-day EMA (purple), reinforces the improving bullish grip.

Investors would still need to be cautious despite BTC’s ongoing consolidation above $30,000. This warning follows the Relative Strength Index (RSI) retracement from the overbought region into the neutral area.

If this pullback becomes consistent, it might call for new approaches to avoid getting caught in a bull trap market situation, where sudden declines below $30,000 could swing to $25,000.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.