- Bitcoin is getting closer to the coveted $ 30,000 region, and this has long been a target watched by investors
- Since this level has psychological significance, there is a high probability that it will count as resistance and can be a difficult hurdle for bulls to overcome
- There is a good chance that a clean break above this level could open the gates for the benchmark cryptocurrency to see a continuation of its parabolic upward trend.
- A trader now notes that BTC is on the cusp of a strong break above this level
- He notes that technical strength comes from the recent break above USD 29,200, which now remains strong as a support level
Bitcoin and the whole cryptocurrency market have seen mixed price action in recent days and weeks.
The selling pressure of recent days has all been met by bulls, with bears unable to gain a big foothold in the market.
Where the entire short-term space trends should largely depend on whether bulls can break the resistance that sits around $ 30,000.
A solid break above this level would add to the cryptocurrency’s parabolic momentum and potentially enable a massive revival.
Bitcoin gains momentum as the selling pressure evaporates
It seems that Bitcoin is facing a so-called “sell-side liquidity crisis” as any sell-off is absorbed almost immediately.
As a result, the cryptocurrency price has gained a strong position above USD 29,000, and is currently trading just over 1% at USD 29,400.
It has yet to test $ 30,000, but it looks like bulls are competing for a break above this level in the near term.
Trader Claims Recent Push Past $ 29,200 Likely to Lead to $ 30k Breakout
A prominent trader explained last night, that $ 29,200 is a critical level for the whole cryptocurrency market. The break above this level is likely to give BTC further upward momentum in the coming days.
He is specifically looking at a breakthrough of more than $ 30,000.
BTC: Bitcoin is entering the new year here. Watch Levels at 4 Hours – $ 29,100 to $ 28,300 We’ve seen Bitcoin buy up several times now – with a break of over $ 29,200 – IMO cold has the legs to push to $ 30k +. “
Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.
Whether Bitcoin can break above USD 30,000 in the medium term or not should shed some light on the trend in the coming weeks.
Featured image from Unsplash. Charts from TradingView.