{"id":524920,"date":"2023-04-11T00:53:59","date_gmt":"2023-04-11T00:53:59","guid":{"rendered":"https:\/\/ktsl888.com\/?p=524920"},"modified":"2024-06-11T08:30:14","modified_gmt":"2024-06-11T08:30:14","slug":"bitcoin-price-30k-rally-btcusd-btc","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-30k-rally-btcusd-btc\/","title":{"rendered":"Bitcoin Price Breaks Above $30K For First Time Since June 2022"},"content":{"rendered":"

Bitcoin price<\/a> is once again pushing higher and breaking boundaries, this time above the key psychological level of $30K per coin.\u00a0It marks the first time BTCUSD trading above the level since June 2022.<\/p>\n

Is this more confirmation of a bullish trend blossoming? Or is this a fake out above resistance before a bigger collapse and possible recession?<\/p>\n

Bitcoin Price Moves Back Above $30K Psychological Resistance<\/h2>\n
Back in mid-2021 after Bitcoin price<\/a> was rejected from $65K, it first found support at $30K and bounced back to $68K to put in a second, slightly higher high and long term peak.\u00a0<\/span><\/p>\n
After the second rejection, BTCUSD fell into a bear market and ultimately lost $30K, making it the most important line in the sand for bulls to reclaim since below $20K.<\/p>\n
Related Reading: Bitcoin Priced In Bank Shares Is The Crypto Chart You Can\u2019t Miss<\/a><\/div>\n
The top cryptocurrency by market cap spent the last several weeks gearing up for today\u2019s move, which could continue for the near term<\/p>\n
With Bitcoin price<\/a> back above $30K, support turned resistance has been breached. The onus is now on bulls to hold the resistance level and flip it back to support.\u00a0<\/span><\/p>\n
$\"Bitcoin$ <\/p>\n
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Bitcoin price has breached back above $30K | BTCUSD on TradingView.com<\/a><\/p>\n
Why The Resistance Break Matters For Bullish Continuation<\/h2>\n
BTCUSD is currently trading above $30K for the first time since June 2022, when the entire crypto market crashed due to post-LUNA collapse contagion. The fallout and resulting domino effect led to widespread problems in the crypto industry.<\/p>\n
Historically, once Bitcoin price reclaims former support turned resistance, a new bull run begins. There is a technical reason for this, however.\u00a0<\/span><\/p>\n
Related Reading: This Bullish Bitcoin Technical Signal Suggests The Bottom Is In<\/a><\/div>\n
According to\u00a0 Elliott Wave Principle<\/a>, corrections form in three waves against the primary trend labeled as ABC. The A-wave finds local support and attempts another high. Depending on if the pattern is a zig-zag, or flat, the B-wave either forms a higher or lower high.<\/p>\n
After the B-wave back in the primary trend direction completes, the C-wave reverses course and cuts right through the former support where an abundance of stop losses and positions are located, resulting in a violent move down.\u00a0Sound familiar?<\/span><\/p>\n
In the past, each time Bitcoin price reclaimed the key level where the A-wave ended, the bear market bottom was officially in, and a new bull market formed. Is that what\u2019s ahead now that BTC has retaken $30K?<\/p>\n
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From a technical perspective, reclaiming the A-wave support is the first step in establishing a new bullish trend in #Bitcoin<\/a> pic.twitter.com\/6q6thjS5iI<\/a><\/p>\n
— Tony "The Bull" Severino, CMT (@tonythebullBTC) March 29, 2023<\/a><\/p><\/blockquote>\n