Bitcoin (BTC) regained the $30,000 zone with one last move. This level, which is protected despite the 5% decrease of the day, can be decisive. Analysts, on the other hand, are cautious about the nature of the recovery, with many thinking it could be a “bull trap”.
Bitcoin (BTC) bulls need to confirm these levels for an exit
Bitcoin is currently trading just above $30,000, down 7% in the last 24 hours. Meanwhile, Twitter analyst CryptoDonAlt, who is known for his accurate predictions, said that at least two more levels need to be confirmed for a breakthrough. Considering that BTC has dropped more than half since hitting a record high last year, sentiment can be expected to remain pessimistic for a while.
BTC needs to confirm $31,800 before moving to $34,000
In a tweet during the day CryptoDonAlt said that BTC failed to confirm $31,800 and is currently “retesting” the same region in a downtrend. Although Bitcoin recently reached $32,000, it quickly returned that level. The leading crypto will now face $34,000 as the next level of resistance before breaking past $31,800. According to CryptoDonAlt, only if this level can be crossed, further rises may be on the table. The analyst writes:
It has to be bearish here at least until $34,000 is recovered and closed above. If we get it back though, I’ll post it in full.
Bitcoin follows the momentum in traditional markets
The recent rally of traditional markets has fueled most of BTC’s recent gains. For example, the Nasdaq 100, BTC’s closest exchange equivalent, has risen 7% in the last five days, reflecting Bitcoin’s trend. However, with Wall Street set to start broadly sideways today, U.S. stock futures suggest that the momentum of the uptrend may be fading.
Senior Bloomberg analyst Jamie Douglas Coutts said that Bitcoin needs to hold $29,000 to stay away from $25,000. The experienced analyst says that a Bitcoin that will stay above $ 30 thousand can reach $ 40 thousand. As Kriptokoin.com we have covered the details in this article.
