Bitcoin (BTC), the most popular digital asset, has significantly changed how investors feel about it. In the last 24 hours, BTC has seen a considerable increase of 9%, now worth $29,300.
Even though Bitcoin has been going up recently, it still faces significant problems, like a support line at $29,500 and a psychologically important level at $30,000 that it has yet to reach since April 19.
The Moment of Truth for BTC
Material Indicators, a well-known company specializing in analyzing Bitcoin data, has found that BTC has hit a giant wall of resistance at $30,000. The current level of resistance has been slowly building up, which could stop the cryptocurrency’s upward trend and lead to a stabilization phase, which has happened several times this year.
If BTC can’t break through this particular support level, it may be forced to stay within a narrow trading range, limiting its ability to grow further. Assuming that this obstacle can be overcome, the product in question could be a vital bullish sign for investors, increasing its value even more.
Material Indicators closely monitor the vital factor of bid liquidity in the busy trading range. Bid liquidity is a critical metric that measures the ability to buy in the market and shows how investors feel about a particular product. The organization is closely monitoring the flow of bid liquidity in real-time trade to help support BTC.
Material Indicators is also keeping a close eye on what Federal Reserve Chair Jerome Powell says next since what he says could significantly affect the bitcoin markets. Even though the business doesn’t think Powell’s testimony will reveal anything significant, they know such events can often make the call more uncertain and volatile.
Bitcoin’s positive momentum must be kept up, and the nearby resistance level of $29,500 must be broken to break through the critical $30,000 barrier.
If the attempt fails, BTC needs to set up a consolidation phase above $29,000 and stop any negative trends from happening after that.
Bitcoin About to Have a Big Rally?
A well-known crypto trader and host of a popular show, Ted Talks Macro, recently changed his macro outlook for BTC, focusing on several positive factors that could drive the digital asset’s value up in the coming months.
Ted’s research shows that the market has successfully taken on the highs of February and is now making a higher low on a weekly timeframe. The current market trend shows that people are optimistic, meaning BTC will likely keep increasing.
As of March, Ted said that the idea of a positive trend in the high-time frame would be thrown out the window if BTC fell back to a range below $24,500. Still, the expected downward trend didn’t happen because the bulls stepped in to give the BTC price a strong backbone.
In addition to the intricate details, Ted has found a few stories that could affect how the market feels in the next three months. The upcoming halving of BTC, the release of the Blackrock spot ETF and similar products, the Federal Reserve’s decision to stop raising interest rates, and the entry of traditional financial giants into the crypto exchange market are all significant events that are changing the crypto landscape.
Taking into account how the market is right now, Ted Talks Macro has set a price goal of $35,000 for BTC, which is already in action. The projected goal is a big jump from where BTC is now, which could mean the cryptocurrency market will rise in the coming months.