After reaching the critical price area of ​​$29-30K, Bitcoin’s bullish rally was rejected and the price returned to the consolidation range of $27-28K.

In the near term, the $30K mark will probably serve as the most important resistance. This range was the low recorded in mid-2021 before the rally to Bitcoin’s current ATH at $69K recorded in November 2021.

Technical analysis

By Shayan

the daily chart

After forming a pullback to the 100-day moving average line at $19.6K, the price continued to rise with notable bullish momentum. However, Bitcoin is now facing powerful resistance at $30K.

On the bearish side, there is a significant divergence between the price and the RSI indicator, which could lead to a correction phase before a possible bullish continuation.

The 4 hour chart

Looking at recent Bitcoin price action, one can see that the intense bullish momentum has weakened as a confluence between Bitcoin bulls and bears occurs in this specific price region.

Considering the psychological strength of the $30K price level, the most likely scenario for Bitcoin in the medium term is to consolidate in a static range between $25K and $30K.

In the event of a significant drop, the price range between the 0.5 ($24.4K) and 61.8 ($23K) Fibonacci retracement levels will likely support Bitcoin.

chain analysis

It appears that Bitcoin is currently experiencing a bull market based on several reliable indicators. However, it is essential to trade cautiously due to the possibility of a price correction as a result of the recent rapid rise.

The short-term headline SOPR metric is also compatible with the above, when it saw a surge simultaneously, with Bitcoin reaching the $30K resistance zone, indicating selling pressure from short-term investors.

This price range represents a significant barrier for Bitcoin on its rise. A break above this level could remove uncertainty and create massive demand to enter the market.

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