Bitcoin (#BTC ) is above 30,000 points, and the sudden rise has confused many retail investors. Their lagging news makes them think that this rise is just for high-level shipments. Although this possibility cannot be ruled out, I personally think that this is not the case in the current market, and 25,000 BTC will become the bottom. This rise is not only driven by ETF sentiment, but more by many major institutions seizing the opportunity to increase their chips to expand the market and create a strong bull market, in which they can reap more wealth.
Whether the market will continue to fall is related to various factors in the market, including but not limited to trading volume, data release and interest rate decisions. Regarding tonight's CPI data, it is predicted that it will be lower than expected, which may have a positive impact on the market and put pressure on the US dollar. It is possible that under the stimulation of this CPI data, BTC will move in a general direction. I am optimistic about the market. You will not see the 30,000 pie in a few months.
In terms of trend, based on the current position of Bitcoin, it is not recommended to open a position at the current price. Tonight's data and the decision on whether to raise interest rates may trigger significant market fluctuations.
There is a key bullish trend line formed with support near $30,500 on the hourly chart of BTC/USD and resistance on the upside is near $30,720 and the next resistance is near $31,000.
Major support levels – 30500 followed by 30300
Major resistance levels – 30700, 31000 and 31400