NewsletterBitcoin 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
- Robert Kiyosaki Recommends Bitcoin and Ethereum as Hedge Against Potential Global Crisis
- Arthur Hayes Predicts Bitcoin Rally To $500K By Next Year Over Fed Easing
- China Tightens Stance on Stablecoin and Crypto Payments With New Policy Talks
- Hyperliquid Team Moves $90M HYPE as Network Becomes Top Fee Chain
- Is Kalshi Manipulating Prediction Markets? Platform Hit With Lawsuit Over Violations
- Solana Price Outlook as CoinShares Withdraws SEC Filing for Staked Solana ETF
- XRP Price Forms Alarming Death Cross Amid Intense Whale Dumping
- Chainlink Price Outlook as Reserve Nears 1M LINK — Bullish Shift Ahead?
- Solana Price Set for Upside as SOL Hits Record 99% Tokenized Stock Share
- Is XRP Price Gearing Up for a Rally as Reserves Collapse?
- Dogecoin Price Hovers Above $0.15 as Bulls Eye a Fresh Breakout
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.
Premium Partners
