- Bitcoin crosses the $30,000 mark, hitting the highest level in 10 months.
- BTC was required to rise above the $32,000 to secure the uptrend.
- The MACD and DMI indicators showed that Bitcoin’s uptrend was strong, validating the bullish thesis.
Bitcoin finally made the much-anticipated trip to $30,000, setting a new high for 2023. BTC is hovering around $30,005 after rising 6.75% in the last 24 hours. According to data from CoinMarKetCap, the big crypto crossed the $30,000 mark during the early Asian trading sessions on Tuesday to reach an intraday high of $30,399, levels last seen on June 9.
Bitcoin has gains of nearly 8% over the last week and 46% in the previous 30 days to hit a 10-month high. Its 24-hour trading volume is up 88% to $23.4 billion, validating increasing investor interest in the most significant crypto by market capitalization. Bitcoin’s market value now stands at $581 billion, cementing its position at the top.
It was widely predicted that the flagship cryptocurrency would return to $30,000 as market participants await the release of the US Consumer Price Index (CPI) data scheduled for Wednesday, April 12. The data is expected to give valuable insights into the US central bank’s fight against runaway inflation.
Bitcoin Price Needs To Rise Above $32K To Secure The Uptrend
Currently, Bitcoin is trading within a significant supply zone stretching from $28,000 to $32,000. It should be remembered that Bitcoin bears accumulated here between May 9 and June 11 before booking profits that sent BTC tumbling 35% to set a swing low at $18,960.
Bitcoin bulls must ensure the price rises above this supply area to avoid a similar scenario. As such, a daily candlestick close above $32,000 would confirm a bullish breakout clearing the path for BTC to collect the liquidity above it toward $40,000. This would represent a 32.98% uptick from the current levels.
BTC/USD Daily Chart
Bitcoin’s bullish outlook was supported by the up facing moving averages and the upward movement of the Moving Average Convergence Divergence (MACD) indicator, suggesting that the uptrend was strong. Note that there was a pending call to buy Bitcoin from the MACD on the daily timeframe. This may occur shortly once the 12-day Exponential Moving Average (EMA) exceeds the 26-day EMA. Once this happens, BTC’s upward momentum will gain traction sending it higher.
Also validating BTC’s substantial upside was the Directional Movement Index (DMI). The positive directional line (+D1) at 33 was positioned way above the negative directional line (-D1) at 10, validating the presence of more buyers than sellers in the market. The value of the average directional line at 35 suggested that Bitcoin’s uptrend was strong.
On the downside, failure to hold above $30,000 would see the pioneer cryptocurrency turn down from the current price to seek solace from the strong support at $28,000. A move lower would see BTC revisit the 50-day Simple Moving Average (SMA), the 100-day SMA, and the 200-day SMA at $25,615, $23,550, and $20,840, respectively.
The last line of defense would be the $20,000 psychological level before Bitcoin tanks toward the lows witnessed during the 2022 bear market.
