With the start of the Asian trading session, the price of Bitcoin could strengthen slightly. Despite yesterday’s decline, the BTC price remained above $30,000. And at the time of publication, Bitcoin is trading in the 30,500 area.
The first half of the week was quite volatile for Bitcoin. The price of Bitcoin rose above 31,500, then again fell below 30,000. Today, the situation has calmed down a bit. It seems the BTC/USD pair has identified the 30,000 mark as an important support level for itself. And the recent high and low became the new boundaries of the new triangle, which the BTC/USD pair entered.
If the bulls manage to keep the price of Bitcoin above 30,400 today, we will see continued growth to the 30,850 area. Then the BTC/USD pair will face resistance in the 31,250 area. This level is the upper limit of the new triangle. A quick exit from the triangle will allow the BTC/USD pair to return to the area of the previous resistance at 31,500. Next, we will see a new attempt to rise above 32,000.
If the bulls lose control of the BTC/USD pair again, we will see a decline to the 30,000 area. It is a fundamental level. A movement below this level will again send the BTC/USD pair to the 29,500 area, where the lower border of the shrinking triangle is formed. A break below this mark will send the BTC/USD pair below 29,000.
According to analysts, the technical performance of bitcoin has been improving over the past few days. Traders need to be guided by the decisions of the Federal Reserve, seeking to reduce inflation. Softening the rhetoric of the US regulator will improve investor sentiment. It will allow risky assets to feel supported again.
At the moment, the price of bitcoin seems to be more or less stable. The activation of traders in the technology sector will help the coin bounce.