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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 14, 2023 09:07 UTC
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BTC Price Analysis: With Another Higher Low, Will Bitcoin Find A Launchpad To Surpass $30K?
BTC price action forms a consolidation range around 50-day EMA.
The BTC price trend of higher low formations teases a new bullish phase.
The range breakout will help Bitcoin prices surpass the excessive supply pressure above $30k.
The oldest and the biggest cryptocurrency, Bitcoin, remains stagnant and represents a hibernation stage. Investors remain calm to find the next bull run despite the rising heat and discussions on Bitcoin ETF.
With a sideways trend for the past month, except for a few sharp moves, Bitcoin price action forms a consolidation range. Between $29,000 and $30,144, the BTC price moves sideways while resonating around the 50-day EMA.
The Bitcoin price sustains the upward journey with frequent higher low formations in the larger price trend. Leading to a year-to-date growth of 78.55%, the BTC uptrend stays above the 200-day EMA.
Avoiding a drop to 50% Fibonacci level, the consolidation range hints at a higher low formation. With this, the BTC price can give a bullish breakout of the consolidation range to prolong the uptrend.
On a closer look at the rally forming the previous swing high, the correction rally stays above the 50% level. Moreover, the lower price rejections signify solid underlying bullish sentiments.
At press time, the BTC price shows an intraday growth of 0.43% with a long tail formation, indicating a rise in buying pressure. If the buying pressure sustains, the uptrend in BTC price can challenge the overhead resistance at $30K. Upon breakout, the high momentum rally will drive BTC price to create a new swing high above $35K.
On the flip side, if the Bitcoin market value plummets below the $29,000 support level, the downtrend will crash the BTC price drastically. Potentially retesting the 78.60% Fibonacci level (short-term) at $26,483.
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