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Home»Bitcoin»Bitcoin: Will recent gains pave the way to $30k?
Bitcoin

Bitcoin: Will recent gains pave the way to $30k?

2023-08-31No Comments3 Mins Read
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Journalist

Posted: September 1, 2023

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Bitcoin has a bullish lower timeframe structure, but key resistances remain strong overhead.
  • The price action outlined a key support region near $26.5k that is crucial for the buyers to defend.

Bitcoin [BTC] posted gains of 8.5% on 29 August and reached $28.1k, but has been pushed back a bit since then. On that day, the market received news that the U.S. Court of Appeals sided with Grayscale in a lawsuit against the Securities and Exchange Commission.


Read Bitcoin’s [BTC] Price Prediction 2023-24


This was good news for investors and can help push institutional adoption in the long term. For the coming weeks, the charts showed that there was significant resistance at the $28.5k and $30k levels.

The recent rejection from $28k could see BTC form a higher low and move upward

Bitcoin [BTC]

Source: BTC/USDT on TradingView

The bounce on 29 August occurred from a bullish order block from 14 June, highlighted in cyan. Before that, the price was stuck in limbo at the $26k level, which underlined bearish exhaustion.

In the 1-day timeframe, the market structure remained bearish. While it has managed to breach the $26.6k mark, the more significant lower highs at $29.8k and $30.2k remained unbeaten.

Hence, it was likely that sellers were lined up at that region, and bulls could have a hard time driving prices above it.

Bitcoin appeared to have formed a range between $24.8k to $31.8k. The mid-range mark at $28.4k was also a level that could oppose further gains. The RSI was at 47 and showed the momentum has not shifted wholly bullish. The OBV did not see a notable uptick due to the reduced trading volume in recent weeks.

See also  MicroStrategy's Bitcoin shares are paying off, thanks to the bull run

The lower timeframe market structure shift was positive for BTC bulls, and a retest of the $26.6k-$26.8k area could offer traders a short-term buying opportunity.

Liquidity at $28.5k and $30k meant bulls will have to be careful when BTC nears these levels

Bitcoin [BTC]

Source: MobChart

MobChart data revealed there were limit sell orders worth 228.5 BTC at the $28.5k level. Another sell wall of 375 BTC was present at $30k. Hence, buyers from the $26k zone can look to take profit at these levels.

Bitcoin [BTC]

Source: CryptoQuant


Is your portfolio green? Check out the BTC Profit Calculator


CryptoQuant’s data showed BTC flow out of exchanges intensified over the past two weeks. This was a sign of accumulation of the asset, and was a positive sign in the long term. However, for traders, this does not necessarily mark a long-term bottom.

Bulls must beware of the possibility of another move toward $25k if they are unable to defend the $26.3k-$26.7k region. Aggressive traders can look to enter upon a retest of this zone and a positive reaction.

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