BTC price kick-starts the session on a higher note with mild gains. The pioneer cryptocurrency manages to hold above the psychological $30,000 mark amid renewed buying pressure. The downside is capped near $29,000 for the past three sessions, thus right now BTC is caught in a very tight trading range.
- BTC price prints modest gains on Tuesday amid broader crypto market buying.
- The Fear and Greed Index fell to an extreme level indicating fear among investors.
- Buying opportunity exists at all time-frame with oversold technical indicator.
BTC price consolidates with a positive bias
BTC price attempts to hold onto the gains but faces challenges at the upper level, as seen with the limited price action. BTC lost 47% from March 29 highs of $48,124.94 as the price dropped to an 18-months low of $25,000.
On the daily chart, the BTC price has recovered from the previous week’s lows with an ascent of nearly 30%. However, the BTC buyers find it challenging to cross beyond $31,000. The trading volume is not rising in sync with the growth in the price, citing some challenges for the buy-side investors.
In the shorter time frame, the price hovers inside the downward parallel channel. At the same time, keeping above the 50-day EMA (Exponential Moving Average) at $29,909.94.
If the investors are able to pierce above the descending trend line we could see the $32,000 mark on an immediate basis.
Next, market participants would keep their eyes on $34,000.
On the flip side, a daily close below $29,000 could threaten the upside theory of the bitcoin. In that case, the bears would like to recapture $25,000.
As of press time, BTC/USD reads at $30, 687, up 2.08 for the day. The largest cryptocurrency holds the 24-hour trading volume at $29,046,532,955 with 16% losses as update by CoinMarketCap.
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