Bitcoin (BTC) continues to remain above the $30K mark, according to a tweet from blockchain analytics firm, Santiment (@santimentfeed). However, traders are reportedly showing signs of FUD (fear, uncertainty, and doubt). This could be a good sign for patient bulls, as markets typically move in the opposite direction of the crowd’s expectation.
At the time of writing, BTC’s price is still trading above the $30K mark at $30,131.33, as per CoinMarketCap. The crypto’s price has also climbed by 0.66% in the last 24 hours. However, today’s trading session saw the market leader’s price drop below $30K, hitting a 24-hour low of around $29,725.57. The daily high for BTC is currently at $30,462.48.
Technical indicators on BTC’s daily chart are currently bullish. The 9-day EMA line is trading above the longer 20-day EMA line, indicating that BTC’s price has entered a short-term bullish cycle and may continue to rise in the next 24-48 hours. Additionally, the daily RSI line is trading above the daily RSI SMA line and is currently at around 70.69. This suggests that there is still some room for BTC’s price to climb before it enters into extreme overbought territory.
There is also a bullish chart pattern present on BTC’s daily chart, adding credibility to the bullish thesis for the leading crypto. However, BTC’s price is approaching a strong resistance level at $33,300, which it will need to overcome before a medium- to long-term long position can be justified. Despite this, there is still an opportunity for traders to make an approximate 10.5% gain before BTC’s price reaches this level.
It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must conduct their own research and due diligence before making any investment decisions. Any action taken by the reader is strictly at their own risk, and Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, while BTC’s price remains above the $30K mark, traders are showing signs of FUD. However, this could be a positive sign for patient bulls, as markets typically move in the opposite direction of the crowd’s expectation. Technical indicators on BTC’s daily chart are currently bullish, indicating that BTC’s price may continue to rise in the next 24-48 hours. However, BTC’s price is approaching a strong resistance level at $33,300, which it will need to overcome before a medium- to long-term long position can be justified.
