Bitcoin (BTC) is Inching Closer to $30K, What’s Next?

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Bitcoin (BTC) is Inching Closer to $30K, What’s Next?
Credit: © Reuters

  • The Bitcoin price is up 2.57% in the last 24 hours as per data from CMC (NS: CMC ).
  • MicroStrategy has revealed that the company holds 152,800 Bitcoins.

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has experienced a slight recovery after reaching a weekly low of $28,657 on August 1. The trading price of BTC has crossed the $29K mark and is showing significant bullish momentum. After several days of trading in consolidation, Bitcoin is back in action with a positive price surge.

Yesterday, Bitcoin experienced a downtrend that resulted in a drop below the $29K mark. However, the price drop came to a halt after an announcement from MicroStrategy. The company plans to sell up to $750 million in stock to fund Bitcoin purchases. Following the announcement, the trading price of Bitcoin has shown an increase of over 2.57% in the last 24 hours.

Furthermore, MicroStrategy has revealed that the company held 152,800 Bitcoins and added 12,333 in the second quarter of 2023. This is the largest single-quarter increase since the Q2 of 2021.

Bitcoin (BTC) Price Analysis: 24-Hour Timeframe

At the time of writing, the trading price of Bitcoin is $29,632, with an increase of 2.57% in the last 24 hours. The daily trading volume of BTC has experienced a surge of 53.65%, according to CoinMarketCap. The trading price is inching closer to the $30K level, and the community is expecting BTC to breach the $30 mark soon. 

Bitcoin Trading Price Chart (Source: TradingView)

The daily trading price chart shows that the BTC is returning to bullish momentum as the current price is trading above the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, BTC is neutral and inching closer to the overbought zone. 

According to the data, if Bitcoin continues its bullish momentum, it will reach the nearest resistance of $30,000. If the trend continues, the price will break through $30,380 and even advance to surpass $31,000. On the other hand, another drop may begin if BTC fails to break the $30,000 resistance level. Moreover, it can go all the way below the support level at $28,410, and if the downtrend continues, BTC may trade below the $28K mark.

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