Bitcoin’s long-awaited climb above $30,000 has finally happened after spending over 10 months below this rank. This marks the dual psychological barrier that BTC has broken this year, after surpassing $20,000 in January. The cryptocurrency has seen an 82% surge in trading value, reaching $22.9B, following a 7% increase in the previous 24 hours, trading at $30,111, media reports said.
The past few weeks have seen BTC and other cryptocurrencies with no definitive trend. However, the crypto community expected BTC to show a recovery before the release of the Consumer Price Index of U.S. (CPI) data on Wednesday. As predicted, the international crypto market has risen by 5% to $1.2 trillion.
If BTC continues this upward trajectory and crosses the current resistance at $32,000, it could collect liquidity exceeding it and aim for the $40,000 psychological level. A rise of 33% from its current value would indicate a significant surge, with the potential for BTC to surpass $50,000 or even reach the peak of $70,000. The bullish sentiment is supported by two critical indicators – the parabolic SAR and the Moving Average Convergence Divergence (MACD) indicator.
The parabolic SAR remaining below the price suggests continued bullish momentum, with an increasing distance between the dots further reinforcing this trend. The MACD indicator is also positive, indicating a positive market sentiment favoring upward movement. However, if bears choose to book profits at current levels, the price may decrease towards the psychological level of $28,000. In this scenario, it’s possible that BTC would spend some time above this level before making its next move in either direction.
