On the Nature Of Breakdown of the Psychological $30K Level

FXOpen

On Tuesday, the price of Bitcoin exceeded $30,000 per coin for the first time since June 2022. The news has become a trend in the media and social networks, community members express opinions that in the future the price of BTC will reach $50,000 and 100,000. How optimistic is the $30,000 breakout?

Judging by its nature (1), buyers are unsure as the length of the candles decreases while the price rises above the psychological level – quite unlike the more aggressive nature of the bullish breakout (2) of the $25k level.

In this regard, the role of resistance levels increases:

3→ is built on the height of the range $26,800-29,000;

4→ is built as the border of the ascending channel.

By the ability to stay on the achieved heights against the backdrop of today's session full of important news, it will be possible to judge the true strength of the bulls.

This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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