BTC Is Perfectly Setup to Challenge $30K in the Next Few Days

The crypto market leader Bitcoin (BTC) printed a 24-hour gain according to CoinMarketCap. At press time, BTC’s price is up 1.39% in the last 24 hours to trade at $29,520.23. This recent price increase for BTC has pushed the crypto’s weekly performance further into the green at +4.68% as well.

With a market cap of approximately $571,105,613,766, BTC’s dominance in the market has also risen over the last 24 hours. Currently, it is estimated that BTC’s market dominance stands at 47.12%, which is a slight 0.28% increase since yesterday.

The leading crypto was able to establish a daily high at around $29,871.55, but has since retraced to trade at its current price. The daily trading volume for BTC has declined in the past few hours. As the weekend approaches, BTC’s total daily trading volume stands at approximately $23,581,829,499, which is a decrease of over 33% in the last 24 hours.

4-hour chart for BTC/USDT (Source: TradingView)

BTC’s price has consolidated in the past 16 hours following its break above the $29,200 resistance level yesterday. The next target for BTC’s price, should bulls be able to ignite a rally within the next 24 hours, will be the $30k mark. A successful attempt at breaking above the psychological $30k level will clear a path for BTC’s price to rise to $30.8k.

Traders will want to keep an eye on the previously-mentioned $29,200 level. A break below this level will result in BTC’s price dropping back down to $28,400 in the following 2 days. However, the 9 EMA line on BTC’s 4-hour chart trading above the 20 EMA line suggests that bulls currently have the upper hand and the bullish thesis is more likely to play out.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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