BITCOIN PRICE ANALYSIS CMP-$29,650: Will It Break Through or Retreat?

BTC swiftly reversed course after finding support at $28,500

Following a period of consolidation last week, the crypto market experienced uncertainty. Bitcoin went on a roller coaster ride, exhibiting significant fluctuations. Presently, the cryptocurrency is encountering resistance near the $30,000 level, while finding support around the $29,500 mark.

On The Daily Chart:

Following Fitch's downgrade of the US credit rating from AAA to AA+, Bitcoin found support near $28,500 and managed to break past the resistance at $29,000. This optimistic turn of events triggered a significant increase in BTC's value. As a consequence, the cryptocurrency surpassed the resistance zone at $29,500 and the bulls managed to breach the $30,000 level, reaching a peak close to $30,047. At present, some selling pressure is evident from the major resistance, and the price is currently trading near the support level of $29,500.

On The 4-Hour Chart:

Upon analyzing the 4-hour chart, Bitcoin's current situation presents an intriguing scenario. The formation of a hammer pattern and the touch of the bottom on the Broadening Wedge indicate a potential recovery. As a result, the price managed to reach the $30,000 level. Should BTC successfully close above $30,000, it may trigger a sharp recovery, potentially leading to a new yearly high in price.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $576,501,104,198. The 24-hour trading volume is approximately $20,387,204,409.

KEY LEVELS :

RESISTANCE LEVEL : $30,000-$30,500

SUPPORT LEVEL : $29,200-$28,800

How might the crypto market react to the recent downgrade of the US long-term ratings from AAA to AA+ by the global rating agency, considering the backdrop of relatively positive earnings reports for companies? Can we anticipate a surge or decline in the crypto market in response to this development? Share your views in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.