Amid massive crypto market crash, Bitcoin has managed to keep the cryptocurrency investors sane by regaining the $30,000 level. In the last fews days, Bitcoin has traded around $30,000, falling below this level on some occasions but quickly rising above this price threshold. On Indian crypto exchanges, Bitcoin was trading at $24,40,231 at the time of writing.
Bitcoin’s dominance as the top crypto has also been around 45% while many of the alternative coins (altcoins) have lost their market caps and prices during the crash. Altcoins have also been underperforming as compared to Bitcoin over the last few days, indicating traders’ lack of interest in these risky assets (check top crypto prices today).
The last 7-day price chart of Bitcoin shows that the most popular crypto has constantly hit above $30,000 price level despite falling to as low as $28,733.
Investors are now wondering how much till it will take for Bitcoin to break beyond the $30,000 level and rise to new highs.
Experts say Bitcoin price recovery may not happen soon, at least not till the positive sentiments return to global markets.
“Bitcoin has been trading in a tight range for the past few days. BTC has gained nearly 3% over the past 24 hours, not dropping below yesterday’s level, indicating that the additional downward trend may not occur,” says Edul Patel CEO and Co-Founder of crypto investment platform Mudrex.
However, indications are high that the Bitcoin price may not fall further. Rather, it may rise above $31,000 level if current trend continues.
“BTC’s current support lies at US$27,000, while the initial resistance holds at the US$33,000 level. We may see BTC crossing US$31,000 in the coming days as momentum improves over the past day,” said Patel.
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Analysts at WazirX Trade Desk shared in a note that on the hourly time-frame BTC is consolidating between $29,000 and $31,000 level. It may need to break above the $31,000 for some significant trend reversal.
“Bitcoin jumped up marginally last day to gain about 1.6% as buying momentum picked up. On the hourly time-frame, the BTC trend is traversing within a triangle pattern, consolidating between the $29K and $31K levels. The next resistance for Bitcoin is expected at $40,000 and an immediate support is expected at $24,000. BTC needs to break above $31K and push towards the $40K level to see a significant trend reversal,” the note said.
(Cryptos, including Bitcoin and other virtual digital assets, are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)