Bitcoin Price Analysis: BTC Price Reclaims $30K Amid Extreme Oversold Market Conditions; Time To Buy?
BTC price action exhibits a framework that hints at a possible upward movement. The price opened lower but quickly recovered to the session’s high. BTC tagged the $30k mark after days of downside moment. The current price action hints at a recovery rally although downside risk remains intact.
- BTC’s price manages to rebound from the swing lows of around $25K.
- Still, the price remains under downward pressure as the trading volume diverges.
- The Fear & Greed Index holds at extreme fear levels, at 10.
As of publication time, BTC/USD reads at $30,440.22, up 5.13% for the day. The 24-hour trading volume of the digital asset holds at $53,023,093,119 with a loss of 41%.
BTC price shows a recovery sign
BTC price indicates that the pioneer cryptocurrency has the potential to rise from the current levels. As the May series began, BTC’s price lost 36% from the highs of $39,864.55 made on May 5. The massive downswing is the consequence as it sliced the short-term support base extending from $32,000 to $34,000 on the daily chart. However, amid the oversold market structure, there is a fair chance of a recovery in the weekly time frame.
On the weekly chart, the BTC price tested the critical 200-day EMA (Exponential Moving Average) at $26,895.01. This level acted as a strong upside barrier for it with the formation of a ‘hammer’ candlestick. Still, a sustained buying pressure would be required to push the price to pierce and tag the horizontal $34,000 mark.
An acceptance above $34,000 would ask for $42,000, above another crucial moving average, 50-day EMA.
On the contrary, a fall below the session’s low would evaporate any bullish hopes. In addition to that, a daily candlestick below $25,000 would open the gates for further lower levels, $18,000 last seen in October.
Technical indicator:
RSI: The daily relative strength index trades below the average line near to the oversold zone. It reads at 31 with a negative bias.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
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.
