MEXCBitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
The Bitcoin(BTC) price retest of the overhead resistance trendline teases a breakout entry for interested buyers. However, 50 EMA offering constant resistance to the price action may interrupt the potential rally.
Key points:
- The BTC price consolidates rally over the last few days
- The BTC price bullish breakout to overhead resistance
- The intraday trading volume in the Bitcoin is $27.3 Billion, indicating a 3.2% gain
Source- Tradingview
The early May sell-off in the largest cryptocurrency-Bitcoin breached some significant psychological levels such as $35000 and $30000. As a result, the extended correction slumped the price to a new lower low of $27600.
However, the BTC price started to coil up above the fresh low and initiated a consolidation phase. As a result, this range-rally getting hammered from a descending trendline shows lower higher formation in the 4-hour time frame chart.
On May 14th, the BTC price rebounded from the $26800 support twice within a week, suggesting an accumulation zone for buyers. Furthermore, the coin price is 5% up today and attempts to reclaim $30000.
A potential breakout from the resistance trendline would drive the coin price $50 higher to $10 high to $33000
However, the aligned resistance of the descending trendline and 50 EMA may undermine the recovery rally.
Technical indicator-
The 50 EMA aligned with the descending trendline accentuates the weightage of the overhead resistance. Moreover, a bearish sequence of these EMAs keeps the sellers in charge.
Despite a sideways rally in price action, a significant bullish divergence in MACD and line suggest growth in underlying bullishness. Moreover, a recent bullish crossover among these lines gives an additional boost to long trades.
- Resistance level- $35000, and $40000
- Support level- $33000 and $30000
- XRP ETF Launch Within Days Marks Big Win for Ripple, Nate Geraci Says
- Trader Predicts Dogecoin November Breakout as Murad’s Memecoin Holdings Drop 59% to $27.5 Million
- Whales Open $71 Million ASTER Short After CZ’s “Buy and Hold” Reveal
- Expert Warns XRP Investors of “ Extremely Mediocre” Growth Next to Solana’s 100x Activity Surge
- Michael Saylor Teases 13th Straight Bitcoin Buy as Trump Unveils New U.S.-China Trade Deal
- ZKsync Price Surges 90% on Vitalik’s Comments: What’s Next?
- $100K or $125K? Crypto Analysts Split on Bitcoin Price Prediction Despite U.S.–China Trade Deal
- Pi Coin Price Prediction After AI Investment Announcement – Is a Bull Run Ahead?
- How High Can Zcash Price Go In November?
- SOL ETFs Records $44.4M in 4 Days: What’s Next For Solana Price?
- Why Is TAO Price Skyrocketing Today?
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.
