Price Analysis

Bitcoin May Play A Crucial Game At This Level! Is BTC Price Heading Toward Its Old Glory?

Author: Shayan Chowdhury

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Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.

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Story Highlights
  • As BTC gains the $23K price level, it may soon open the path to $30K if it breaks the 200-SMA.

  • A further uptrend may bring more buying pressure which will push BTC to new monthly highs.

This week has brought a crucial zone for Bitcoin as the crypto king gains investors’ trust despite ongoing bearish sentiments brought by Genesis’ bankruptcy filing. BTC price has begun an overwhelming trading journey since the beginning of the new year, and the current price trend may develop more interest among investors if BTC can flip a specific price level into a support region.

As the global crypto market capitalization claims the $1 trillion mark after being plunged by the FTX contagion, the BTC price creates a U-turn sentiment among traders as it reaps a massive surge in the price chart. 

BTC Bulls Gather More Confidence 

Bitcoin price seems not to give any attention to current FUD sentiments in the market as it prints massive gains in the price chart, resulting in an increase in bulls’ confidence. Moreover, the NASDAQ index continues to spike and flashes a surge of over 3%, which can lead BTC to the North as Bitcoin is heavily connected to the general stock market. 

Source : lookintobitcoin

According to on-chain data provider, LookIntoBitcoin, BTC price may begin an uptrend as it has already hit the early bullish region and may bring a promising trend in the next few days. The analyst firm noted that investors have started taking risky positions to get more upside exposure amid the recovery rally. According to the analysis, the MVRV ratio of Bitcoin trades at 1.15 and aims to surge above the 365-SMA to spark a fresh uptrend for Bitcoin. 

Source : lookintobitcoin

Additionally, the Net Unrealized Profit/Loss signifies an overall profit territory for traders, forcing investors to switch their investment plans to Bitcoin as the price touched the $23K price level. The NUPL indicator trades at 13%, and a cross above the 365-SMA may ignite a bull market cycle in the BTC price chart. 

Bitcoin Price Can Trigger A Massive Pump To $30K

In the last three weeks, Bitcoin’s price has risen by 37%, forming multiple crucial price levels. Though BTC price is poised for a slowdown near the next resistance level of $24K, some market leaders believe that the asset may soon reach a high of $30K in the next month. 

Trading View

A prominent crypto analyst, Linda, gives a bullish outlook for Bitcoin. The analyst predicts that the BTC price can quickly fly to the $30K level if it surpasses the resistance level of $24K. The analyst further noted that the recent surge in the BTC price chart with the breaking of a crucial support level had formed a new range for the asset, and a trade above $24K could bring enough liquidity from investors to push its price to $30K. 

Bitcoin may quickly break above the $24K level as the trading volume increases with a spike in upward volatility. As of writing, BTC price hovers at $23,034, with a slight uptrend from yesterday’s performance. If BTC holds above $23.3K, it may build momentum to break its 200-SMA resistance at $24.5K, above which Bitcoin may pave its way to $30K. 

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Shayan Chowdhury

Shayan is a digital nomad and a professional journalist. He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.

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