{"id":530300,"date":"2023-05-07T07:00:17","date_gmt":"2023-05-07T07:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=530300"},"modified":"2024-06-11T08:50:39","modified_gmt":"2024-06-11T08:50:39","slug":"bitcoin-struggles-to-break-30000-resistance-level-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-struggles-to-break-30000-resistance-level-heres-why\/","title":{"rendered":"Bitcoin Struggles To Break $30,000 Resistance Level: Here\u2019s Why"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The cryptocurrency market has been trading sideways in recent weeks, with the leading token, Bitcoin, following a similar pattern. Despite numerous attempts in April, Bitcoin has struggled to break the $31,000 mark.\u00a0<\/span><span style=\"font-weight: 400\">The price is blocked by its daily Kijun at around $29,100 and by its psychological resistance at $30,000. <\/span><\/p>\n<p><span style=\"font-weight: 400\">A correction to around $25,000 could be preferred to prepare for an extended bull run as long as this zone blocks prices. This would correspond to a retest of the same resistance level at the beginning of the year and can be confirmed as the support level.\u00a0<\/span><\/p>\n<figure id=\"attachment_530302\" aria-describedby=\"caption-attachment-530302\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-530302\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/Screenshot_117.png?resize=460%2C175\" alt=\"Bitcoin struggling to surpass its resitance level: source@tradingview\" width=\"460\" height=\"175\"><figcaption id=\"caption-attachment-530302\" class=\"wp-caption-text\">Bitcoin struggling to surpass its resistance level: source@<a href=\"https:\/\/www.tradingview.com\/chart\/0HXdyPSp\/?symbol=BITSTAMP%3ABTCUSD\" rel=\"nofollow\">tradingview<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">In the event of a break through the $31,000 mark, then Bitcoin could continue to climb towards $33,500. This would provide the next resistance level ahead of a potential ascent to $40,000. However, if the bears persist below $25.000, Bitcoin risks breaking the price spread, which could cause the price to fall below the $18,000 mark.<\/span><\/p>\n<p><strong>Related reading: <\/strong><a href=\"https:\/\/uniquehot.com\/matic\/polygon-matic-bears-gain-ground\/?swcfpc=1\"><span style=\"font-weight: 400\">Polygon Bears Gain Ground As MATIC Continues To Retreat<\/span><\/a><\/p>\n<h2><span style=\"font-weight: 400\">Bullish Sentiment Based On External Factors<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin is in good stead and could make a major bull run due to the following factors. First, the banking crisis is plaguing the United States and other parts of the world. Secondly, there is the decoupling between BTC and traditional markets. Finally, we can mention the brake on interest rates the US Federal Reserve promised.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Silicon Valley Bank bankruptcy in early March is still wreaking havoc on the industry, with many Americans scared of placing their money in the Bank. Bitcoin&#8217;s recent price surge has coincided with this, showing its flexibility as digital gold.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\"><strong>Related reading<\/strong>: <\/span><a href=\"https:\/\/uniquehot.com\/news\/defi\/uma-token-surges-by-28-despite-general-bearish-trend\/?swcfpc=1\"><span style=\"font-weight: 400\">UMA Token Surges By 28% Despite General Bearish Trend<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400\">There has been a surge among investors to diversify their assets into Bitcoin for good reasons. Bitcoin does not need intermediaries; anyone can store BTC in their wallets without trusting a centralized institution.\u00a0<\/span><span style=\"font-weight: 400\">Bitcoin is a unique asset due to its volatility. At times it shows a high correlation with stock indices. While sometimes, it diverges and forms its own course. The following graph shows the comparison with respect to gold, the S&amp;P500, and the NASDAQ.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Pearson&#8217;s correlation shows how close BTC&#8217;s behavior is to that of certain traditional assets. If the shares of banking and fintech companies continue to fall, there\u2019s likely to be a huge inflow of volume into the Bitcoin network leading to a price surge.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Finally, the Fed raised interest rates to 5.25% annually. This is the maximum level since 1997. But the increase came with an extra announcement: no new increases (or reductions) are foreseen for the remainder of 2023. Generally, a stalemate or reduction of interest rates is a catalyst for the increase in the price of risky assets, such as Bitcoin.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Price<\/span><\/h2>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is down 2% in the past 24 hours and trading for $28,826.\u00a0<\/span><\/p>\n<figure id=\"attachment_530304\" aria-describedby=\"caption-attachment-530304\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-530304\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-07_04-36-14.png?resize=460%2C231\" alt=\"Bitcoin is trading below $29,000: source@tradingview\" width=\"460\" height=\"231\"><figcaption id=\"caption-attachment-530304\" class=\"wp-caption-text\">Bitcoin is trading below $29,000: source@<a href=\"https:\/\/www.tradingview.com\/chart\/0HXdyPSp\/?symbol=BITSTAMP%3ABTCUSD\" rel=\"nofollow\">tradingview<\/a><\/figcaption><\/figure>\n<p><em>-Featured image iStock, charts from Tradingview<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency market has been trading sideways in recent weeks, with the leading token, Bitcoin, following a similar pattern. Despite numerous attempts in April, Bitcoin has struggled to break the $31,000 mark.\u00a0The price is blocked by its daily Kijun at around $29,100 and by its psychological resistance at $30,000. A correction to around $25,000 could be preferred to prepare for an extended bull run as long as this zone blocks prices. This would correspond to a retest of the same resistance level at the beginning of the year and can be confirmed as the support level.\u00a0 In the event of a break through the $31,000 mark, then Bitcoin could continue to climb towards $33,500. This would provide the next resistance level ahead of a potential ascent to $40,000. However, if the bears persist below $25.000, Bitcoin risks breaking the price spread, which could cause the price to fall below the $18,000 mark. Related reading: Polygon Bears Gain Ground As MATIC Continues To Retreat Bullish Sentiment Based On External Factors Bitcoin is in good stead and could make a major bull run due to the following factors. First, the banking crisis is plaguing the United States and other parts of the world. Secondly, there is the decoupling between BTC and traditional markets. Finally, we can mention the brake on interest rates the US Federal Reserve promised.\u00a0 The Silicon Valley Bank bankruptcy in early March is still wreaking havoc on the industry, with many Americans scared of placing their money in the Bank. Bitcoin&#8217;s recent price surge has coincided with this, showing its flexibility as digital gold.\u00a0 Related reading: UMA Token Surges By 28% Despite General Bearish Trend There has been a surge among investors to diversify their assets into Bitcoin for good reasons. Bitcoin does not need intermediaries; anyone can store BTC in their wallets without trusting a centralized institution.\u00a0Bitcoin is a unique asset due to its volatility. At times it shows a high correlation with stock indices. While sometimes, it diverges and forms its own course. The following graph shows the comparison with respect to gold, the S&amp;P500, and the NASDAQ. Pearson&#8217;s correlation shows how close BTC&#8217;s behavior is to that of certain traditional assets. If the shares of banking and fintech companies continue to fall, there\u2019s likely to be a huge inflow of volume into the Bitcoin network leading to a price surge.\u00a0 Finally, the Fed raised interest rates to 5.25% annually. This is the maximum level since 1997. But the increase came with an extra announcement: no new increases (or reductions) are foreseen for the remainder of 2023. Generally, a stalemate or reduction of interest rates is a catalyst for the increase in the price of risky assets, such as Bitcoin.\u00a0 Bitcoin Price At the time of writing, Bitcoin is down 2% in the past 24 hours and trading for $28,826.\u00a0 -Featured image iStock, charts from Tradingview<\/p>\n","protected":false},"author":585,"featured_media":520999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,680,1119,2007],"class_list":["post-530300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price-analysis","tag-btc","tag-fed"],"acf":[],"yoast_head":"\n<title>Bitcoin Struggles To Break $30,000 Resistance Level: Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"The cryptocurrency market has been trading sideways in recent weeks, with the leading token, Bitcoin, following a similar pattern. 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