If the price manages to go past $30k level, then it will likely climb higher to test the $31,480 mark.
During the week, BTC’s price hit $30,000, but it met stiff pushback from investors.
This week witnessed a significant increase in the price of bitcoin, with an increase of over 11% taking it to about $30,000. Santiment, a blockchain analytics company, claims that the growing buildup of stablecoins like USDT, USDC, and BUSD likely contributed to this Bitcoin price spike.
There was a significant increase in the market valuation of these big stablecoins, which is currently above $120 billion. The increased purchasing power afforded by the increased market value of stablecoins likely contributed to Bitcoin’s surge to the critical $30,000 milestone.
Bulls in Action
Bitcoin’s bulls are working tirelessly to get the crypto above the crucial $30,000 barrier as its amazing upward trend continues. During the week, Bitcoin’s price hit $30,000, but it met stiff pushback from investors at this level. Even so, this is a considerable increase of 11% in the last 7 days. Bitcoin’s momentum might be bolstered even further if the Federal Reserve’s next recommendation on interest rate decision acts as a catalyst.
Source: CoinMarketCap
At the time of writing, Bitcoin is trading at $29,682, down 0.42% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 17.36%. If the price manages to go past $30,000 level, then it will likely climb higher to test $31,480 resistance level. Breaking this level will likely see price going all the way till $42,600 mark.
However, if the price falls below $28,160 support area, then a downward move towards $27,250 is highly likely. Further decline will drive prices to test $26,600 support level.
