Monday, December 11, 2023

Bitcoin Managed To Reclaim $30K Territory After Weeks Of Struggle

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Bitcoin managed to reclaim $30K territory after a few weeks of struggle and recorded a major positive divergence today, after weeks of trading below the $30K price point so let’s have a closer look at today’s latest bitcoin news.

The crypto is trading at $30,536 which is a decrease of 2.5% from the previous week as per the CoinGecko data. In the preceding 24 hours, the crypto marekt cap increased by 2% and reached $1.3 trillion but the total trading volume of crypto was up by 28% to $62.13 billion. BTC struggled in the recent weeks after the US FED increased interest rates and inflation was still high which only increased the likelyhood of further monetary tightening. In the past, BTC was recommended as a hedge against Inflation but in recent months it prove to be closely associated with risk assets like NASDAQ 100 which dropped in response to the broader market volatility.

BTCUSD. Source TradingView

In the past 10 days, BTC’s price was trading flat and consolidated at around $30,000 with BTC finding it hard to recapture the former glory since investors seem to be avoiding the risky assets in the current inflationary environment. The Mudrex co-founder and CEO Edul Patel added:

“Despite a nearly 3 percent increase over the past 24 hours, Bitcoin was unable to breach the US$30,000 threshold. Over the last week, Bitcoin’s price remained unchanged, as it struggled to move beyond its support.”

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

The Dow Jones Industrial Average dropped for eight consecutive weeks and most indexes followed suit. As the S&P 500 dropped as well, a strong correlation between it and the markets became clear and BTC ended the week at $30K which represented the seventh straight weekly closing in the red territory. Most analysts think that the price of BTC will likely move between $29,000 and $31,000. some data shows that the US Gross domestic product or the inflation figures could alter the narrative. Also, Bitcoin’s monthly trend broke below the ascending channel pattern and in the meantime, the next level of resistance for BTC is anticipated at $40,000 while the nearest level of support is set at $24,000. bitcoin’s monthly relative strength index is set at 47 which is the lowest level in more than two years while the support level for the RSI is 43.

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