Bitcoin hits $30,000, is the coin heading for a recovery?

At the time of writing, Bitcoin is trading at $30,000. The coin has held on to the $28,000 resistance as bears come to the rescue.

Over the past 24 hours, Bitcoin has attempted to break out of its consolidation. For the merger to be void, it must trade above $31,000.

A sideways move could lead to a breakout as usual. Bitcoin indicators on the one-day chart appear to be looking positive. In the past 24 hours, BTC is up 4.6%, after gaining 0.8% last week.

Despite the bullish outlook on the one-day chart, the price could still break out to the downside. The global cryptocurrency market capitalization today is $1.33 trillion, 3.8% Positive changes in the past 24 hours.

Bitcoin Price Analysis: One Day Chart

Bitcoin is priced at $30,000 on a one-day chart | DayDayNews Source: BTCUSD on TradingView

At press time, Kingcoin is trading at $30,542. After approaching its rigid support line at $28,000, the coin broke above the $29,000 level.

The overhead resistance of the coin lies at $31,000 and if the bulls continue to maintain the momentum, the coin may try to trade around $34,000.

Additional resistance lies at $36,000 and then $37,000. Seeing that the number of coins is on the rise is associated with bullishness.

At the time of writing, the volume bar is green, which also highlights rising buying pressure. Although Bitcoin is bullish on the coin, it has formed a descending triangle.

The descending triangle is associated with bearish price action, so there is no certainty that the coin will move to the upside.

technical analysis

bitcoin
Bitcoin’s purchasing power rises on the one-day chart| Source: BTCUSD on TradingView

Bitcoin flashed a bullish signal on the one-day chart. The RSI on the chart recovered, with the indicator moving north near the 50 line.

The reading means buyers are back in the market and indicates increased demand indicating bullish pressure.

The Average Directional Index shows the directional trend of the coin. ADX is stuck above the 40 mark, which indicates that the current trend is strong.

However, ADX is showing a decline, which may indicate that the current price momentum is fading, flashing a change in the current price momentum.

Related reading | TA: Bitcoin liquidates $30k, why this could mean a trend change

bitcoin
Bitcoin flashes a buy signal on the one-hour chart | DayDayNews Source: BTCUSD on TradingView

Awesome Oscillator depicts a green histogram. The indicator paints a picture of market momentum and shows bullishness. AO also flashed a buy signal on the one-day chart.

This corresponds to the Relative Strength Index as the indicator climbed near the half line. Chaikin Money Flow determines the inflow and outflow of capital.

The indicator hovered near the half-line as capital inflows resumed at press time.

However, it is uncertain whether BTC will act according to the indicator, as the coin is also pointing to a possible bearish price turn.

Related reading | Bitcoin (BTC) at $29,000, How Long Will Consolidation Last?

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