Bitcoin’s (BTC) recent momentum appears to have stalled below $30,000 after the asset capitalized on turbulence in the traditional finance sector, particularly in the aftermath of the financial crisis.
Based on the first cryptocurrency’s price movement in the past, analysts believe that a breach of the $30,000 resistance level would be monumental.
Particularly, crypto analyst Matthew Hyland noted in a tweet on April 2 that Bitcoin’s significant resistance and support level over the past two years has been $30,000. Therefore, the analyst predicted that a “whole new ballgame” could ensue if Bitcoin managed to reverse its position.
“Over the past two and a half years, Bitcoin has been consolidating below the largest resistance/support level. “A completely different ballgame if BTC breaks it,” he said.
In addition, Hyland observed that the NASDAQ and S&P 500 indices closed the week on a positive note, demonstrating impressive strength. Despite this, he noted that the market is still characterized by widespread pessimism and skepticism, with many investors wary of the current economic climate.
Similarly, a Bitcoin analyst using the Twitter pseudonym Stockmoney Lizards urged investors to be patient in the cryptocurrency market, noting that the asset confronts resistance at $30,000. He also indicated that Bitcoin will likely surge if the resistance is breached.
Bitcoin’s rally has stalled due to renewed regulatory concerns in the cryptocurrency market. The United States Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance for allegedly violating trading and derivatives regulations.
Following review, Binance stated that it disagrees with the complaint’s characterization of a number of the allegations.
In the meantime, Bitcoin’s price trajectory in 2023 has caused it to emerge as the asset class with the greatest performance. The cryptocurrency outperformed conventional financial instruments such as bullion and the Nasdaq 100 index by approximately 70%.
With a concentration on Bitcoin’s next price movement, the likelihood of reaching $30,000 in the future weeks appears favorable. According to a report by Finbold, the machine learning platform PricePredictions predicts that Bitcoin will trade for $30,697 on 30 April 2023.
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