Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s Why

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,253,804,950,549	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,253,804,950,549

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-124.07	-0.19%	63,875.01	63,875.01	63,875.02

Price Change

Price Change %

Current Price

Bid Price

Offer

-124.07

-0.19%

63,875.01

63,875.02

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,500.00	63,713.84	64,114.85	63,999.08	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,500.00

63,713.84

64,114.85

63,999.08

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:56:29	0.005881	63,875.01	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:56:29

0.005881

63,875.01

USD

Price x Volume	Volume	Base Symbol	Related Pairs
68,097,754.74	1,061.45	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

68,097,754.74

1,061.45

Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s Why

31/03/2023 9:00pm

NEWSBTC

Bitcoin is experiencing a non-stop rally while trading sentiment moves from fear to greed with each new level conquered. While many are still waiting for a price drop to jump into the action, others have rushed into the market fueling the current price action. Over the past week, Bitcoin has been moving sideways. As of Thursday, the asset experienced a spike to trade above $29,000 before eventually slipping below $28,000 as a retracement. Meanwhile, at the time of writing, the asset seems to be gearing for a rally up by 0.4%. Related Reading: Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact Bitcoin To Tap $30,000 Region Before Slowdown Bitcoin seems poised to eventually tap into the $30,000 region and beyond sooner or later. However, it is worth noting that this specific price mark could be where Bitcoin starts slowing down from its prolonged rally. The asset’s price shows two major highs. One can be found around the $30,000 region, while the other is just above the $40,000 region. In the daily timeframe, the asset is looking to tap into the liquidity of the major high at the $30,000 zone as it is closer to that level. Should Bitcoin eventually tap into that zone, we could see a major slowdown in the rally before resuming the bullish momentum. This is because on every price chart, the liquidity of a major high as being taken there is always either a significant retracement or a prolonged range. This dynamic hints at accumulation from investors before a push that results in a bullish move or an expansion to the upside. In addition, major highs also provide a take-profit opportunity for larger investors who might not be in it long-term. This means several large investors would have put a set take profit on their long position for Bitcoin, which will be triggered if Bitcoin should ever tap into the $30,000 zone. In that sense, Bitcoin could trend sideways or plummet into previous support if large investors decide to take profits on their positions. Related Reading: Bitcoin Investors Remain Greedy Despite Low Momentum, Why? BTC Price Action Following BTC’s rebound amid the US banking crisis, it has continuously risen in the past 7 days. The asset has moved from $28,000 as of March 24 to trade at $24,463 at the time of writing after a price spike above $29,000 yesterday. Bitcoin currently has a 24-hour trading volume of $21.7 billion, with a market capitalization of $549 billion. Interestingly, the asset’s market cap hasn’t moved much over the past 7 days. Its market cap was still valued at $542 billion last week Friday. Featured image from Shutterstock, Chart from TradingView

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