Bitcoin is on the verge of breaking out after a two-week consolidation phase that saw the largest cryptocurrency linger between $27,000 support and resistance at $29,000, as set on Tuesday. With greater support around $28,100 currently intact, it may only be a matter of time until Bitcoin price reaches $30,000.
Traders Brace for a Massive Bitcoin Price Breakout
According to Santiment, traders and investors « started the week with a big uptick in optimistic keywords like bullish, buying, or bottom » as they expected BTC to continue heading north, with $30,000 being the short-term aim.
On Wednesday morning, famous analyst Michael van de Poppe warned his over 652k Twitter followers that Bitcoin is on its way to $30,000. According to him, BTC is holding onto the « Crucial area at $27,900 held and breakout overnight upwards to $28,700 » with the consolidation allowing it to gain momentum ahead of the next breakout to $30,000.
Investors and chosen analysts believe the Bitcoin price has finally bottomed and that this might be the start of a bull run. Captain Faibik tweeted to his 54k followers, « Is a Bitcoin bull run officially starting with a daily close above the SMA500? »
« Historical Trends suggest that Bitcoin has Experienced Significant Bullrun after Breaking out above the SMA500, » Faibik noted in a tweet accompanied by a Bitcoin price chart.
Bitcoin Price Profitability Analysis
Bitcoin is trading in a tight range between $27,000 and $29,000, with seller congestion at $29,000. Last night’s bounce from support around $28,100 allowed bulls to make another assault on the resistance region at $29,000.
The 50-day Exponential Moving Average (EMA) (blue line) increased buyer congestion near $28,100, as bulls reclaimed control.
Although a break and hold over $29,000 has yet to be accomplished, Bitcoin is currently trading around $28,555, a level that may entice more retail traders to enter the market in order to profit on the predicted advance beyond $30,000.
With a recent purchase signal, the Moving Average Convergence Divergence (MACD) indicator maintains the favorable view for the Bitcoin price. The MACD line in blue crossed above the signal line in red, signaling a call to investors and traders to purchase Bitcoin.
Three important milestones may influence how Bitcoin price ends this week, with a break over $29,000 likely to send BTC past $30,000. Meanwhile, the important level is support at $28,100, which is rendered meaningful by the existence of the 50-day EMA.
To put it another way, if Bitcoin doesn’t break out to $30,000, it could be compelled to stay in the consolidation zone around that price so that bulls and bears can work out their differences.
Trading below $27,000 might lead to a sell-off on the downside as regular investors cling onto their holdings in expectation of a breakout to a $30,000 rush to safeguard their investments. Nevertheless, we cannot rule out the potential that Bitcoin would decline below the 200-day EMA, which is just around $26,000 (red line).
In a pinch, the biggest cryptocurrency may extend the decline to $24,000.
On the daily time frame chart, the price of bitcoin presents a somewhat different picture, with bearish pressure expected to increase if it doesn’t break and settle above $29,000 shortly. If the uptrend is not rejected from $29,000, the MACD’s small sell signal may not have an adverse effect on the price of bitcoin.
At 1.246 million at the time of writing, the On-Balance-Volume indicator shows a steadily increasing inflow volume. Bitcoin would gain momentum and support the desired upswing if money entered the BTC markets increased to considerably outweigh the outflow volume.
The market sentiment is at 62 according to Alternative.me’s cryptocurrency fear & greed index, which is displayed in the chart’s greed section. This index measures and assesses « the current sentiment of the Bitcoin market » on a scale of 0 to 100, where 0 denotes « extreme fear » and 100 denotes « extreme greed. »
Early in April, the fear and greed index was staying steady at 62, suggesting that attitude remains upbeat and supported by FOMO. In other words, investors will likely continue to purchase because they are apprehensive about missing out on the market’s ascent, which will raise the price of bitcoin.
Alternatives To Bitcoin
When adjusting their portfolios after the first quarter of the year, investors might want to take into account some of the finest cryptocurrencies to buy. Compared to Bitcoin, which most investors would find prohibitively pricey, some of the tokens on this list provide cheap entry points.
Every week, the InsideBitcoins team assesses the top crypto presales because they have a higher risk-reward ratio.
By utilizing the decentralized potential of blockchain technology, the Metropoly team is offering a cutting-edge method of encouraging investment in the real estate sector.
In contrast to the typical 60 days required to finalize the acquisition of any property, users on this platform will be able to invest in real estate properties all over the world for the first time in a record 20 seconds.
By creating the first cutting-edge NFT marketplace, Metropoly hopes to increase investment in buildings that generate revenue while also doing away with the need for middlemen like banks, which frequently tack on extra costs.
METRO tokens are being purchased by investors as part of a current presale that has raised $1.12 million. Users are urged to act quickly as 1 METRO is now being sold at stage 11 of the presale for $0.0769, and as 90% of the presale has already been funded, this is the last opportunity until the token first lists on exchanges.
This week, Ecoterra started its presale campaign to give investors a chance to support the initiative that is most effective in changing our perspective on recycling and promoting responsibility.
This ground-breaking ecosystem is being built by Ecoterra on the foundation of four separate pillars: the recycle-2-Earn application, the market for carbon offsets, the market for recycled materials, and the effect trackable profile.
By recycling the goods they scan using the Ecoterra app, users may earn Ecoterra tokens.
Each recyclable item is worth a set number of Ecoterra tokens, which may be saved, bet on, or used to fund a variety of environmental initiatives including planting trees, cleaning up the ocean and beaches, or assisting green energy initiatives throughout the world.
Users may also receive Ecoterra tokens as prizes for using the program to produce green energy. Every climate action is monitored and recorded in the user’s profile, enabling accomplishments and NFTs.
By taking part in a current presale before the EcoTerra app’s official exchange listing, you may start having an influence on the environment right away.
