Bitcoin Finally Crosses $30,000 – Bitcoin explodes on the rise and finds the level at $ 30,000, eagerly awaited by operators. While Bitcoin continues to attract capital, altcoins are still struggling to express themselves, like BNB which remains stuck below $330. BTC is benefiting from the weakness of the dollar, but can the situation continue for long. Are there already signs of weakness on the side of the king of cryptocurrencies? Can BTC come back to $35,000? This is the Weekly Macro Point.
This market analysis is brought to you in collaboration with CryptoTrader and its algorithmic trading solution finally accessible to individuals.
Bitcoin back above $30,000
After several weeks hovering around 28 000 $buyers managed to push back above 30 000 $. The price of Bitcoin (BTC) is now at the level of one very important technical area. Indeed, it is this zone which had allowed a rebound in May 2021she then had sold in June 2022 :
This area should do résistancebuyers could be made dismiss to begin with. Operators who purchased in June 2022 from 30 000 $ have the opportunity to go out break even (i.e. lossless). However, if buyers manage to break the resistance at $31,500the price could reach the next resistance at $35,500 (green arrow). In case of rejection here, the price could join the next one support located at $24,500 (Red Arrow). For the moment, the momentum is bullish on a weekly basis, it is necessary to continue to form troughs and ascending peaks.
The RSI continues to move above the bullish trendline. However, the RSI is struggling to mark a higher high than the previous one, a potential divergence appears.
In a 4H time unit, Bitcoin relaunches the bullish momentum :
Through a fence above the last high at $29,170buyers are relaunching the bullish momentum. The price is now moving close to the resistance at $30,500, he could be rejected at first. If the bulls continue to have the upper hand, the price could go back to the level of the next resistance at $31,500.
The RSI broke the bearish trendlinethis generally leads to volatility. This is the case, the king of cryptocurrencies is regaining volatility.
Risk off: The dollar continues to be fragile, gold remains strong
The dollar index is at the support level at 102 points
BTC is in the process of take advantage of the weak dollar, but the dollar index has the opportunity to recover here. In case of bouncethe Bitcoin price could weaken:
The dollar index is at the level of the 102 point support. In case of rejection at the institutional bias (EMA 9/EMA 18) bearish, the price could fall below the support (red arrow). In this case, Bitcoin and cryptocurrencies could benefit. Beware, if buyers keep the last low at 100,8 pointsand they take the opportunity to rebound here, the price could return to the level of the resistance at 105.5 points. A fence above 106 points would allow revive the dynamic (green arrow). With a strong dollar, cryptocurrencies would have a hard time expressing themselves.
The RSI could rekindle momentum with bottoms and tops rising in the event of a close above 55,5. For the moment, the RSI is globally bearishbut we will have to be attentive to a possible change in dynamics.
Gold is still above the weekly resistance at $1,970
The price of gold is solidit is back above the zone of resistance at $1,970. However, it is an area that has been synonym of sale in the past :
The institutional bias is bullishit could act as dynamic support in the coming days. Attention, in case of rejection, the price could return to the level of the next bracket at $1,890. Buyers have the opportunity to get out of this range that has been in place for several years, but will they get there?
The RSI marks a potential discrepancy. Indeed, the price is making a new high, but not the RSI. This could indicate shortness of breath in a résistance.
Despite the recent rise in gold, it continues to underperform Bitcoin :
The price of the Gold/BTC pair is heading towards the weekly support. Operators are turning to Bitcoin now. A rebound could occur at the level of the support, you will have to be vigilant. It would be very positive to see the pair back below the weekly support. The RSI evolves under the bearish trendlineand as long as it is, the momentum will remain fragile.
Can the US market continue to rebound?
The S&P 500 needs to break resistance at $4,100
The price is blocked at the level of the resistance around $4,100. It is a level that has already rejected several times the course for a few months:
The price of the S&P 500 evolves between 3 810 $ et 4 195 $. In the event of a fence above 4 195 $the resistance at $4,100 would yield. In this case, the price could join the next resistance at $4,300 (green arrow). A rejection could occur here, sellers could then push to a return to the next level bracket at $3,900 (Red Arrow).
The RSI is solid for several months, but he can’t break the resistance around 58. Once the resistance is broken, the price could regain color.
Back to $13,800 for the NASDAQ?
The NASDAQ remains above the zone at 12 700 $the course should make use of it support :
If the support holds, the price could join the next resistance zone located at $13,800. This is a resistance that had pushed the price back in August 2022. Be careful, in the event of a fall, the price could still reach the bracket at $12,000. The dynamic is bullish on this asset, it is necessary to maintain a momentum with troughs and ascending peaks.
For its part, the RSI continues to evolve upwards, buyers have their hands on the momentum. This momentum should be maintained in the weeks to come.
In the end, Bitcoin finds the psychological round number at $30,000. This is a significant resistance area. The momentum is revived in 4H, the buyers have the opportunity to return to the level of the next resistance at $31,500. Bitcoin and risky assets in general are benefiting from the weakness of the dollar, but it is at an important support level. This support would have to give way to relaunch the downward momentum. Gold continues to move above the weekly resistance at $1,970, but it is underperforming Bitcoin. For its part, the US market has the possibility of continuing to climb, but the S&P 500 must separate from the resistance at $4,100. The NASDAQ is bullish, and a return to the resistance level at $13,800 seems possible.
Do you want to take advantage of cryptocurrency market trends but don’t have the time to devote to it? Through his 100% automated trading tool, CryptoTrader allows you to maximize your profits during bullish cycles while staying out of the market when they start to show signs of weakness.