Bitcoin Price to Face Next Major Test at $30,000: Can it Survive the Pressure?

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Bitcoin (BTC) began trading today at a price of around $24,000, having lost more than 4% of its value in the previous twenty-four hours. From the beginning of the year, the king currency has been doing fairly well, and there have been a number of positive forecasts made so far.

Bitcoin breaks through $30k

A well-known cryptocurrency trader by the name of Heisenberg tweeted his prediction that the bulls will take this beyond $25,000 to $26,000 shortly and that the next major test will be around $30,000.

Heisenberg’s prediction that Bitcoin will face its next major test at around $30,000 comes after the cryptocurrency had a significant decline in 2022. Many investors are keeping a close eye on the market to see whether it can break through the level of resistance that it is now facing and reach $30,000.

Technical Analysis

The price of the king cryptocurrency fell below an important support level of $24,500 and has started to go down around $23,900. Yet, the formation of a double bottom at this level has turned it into a crucial support level for Bitcoin.

A pattern known as an ascending triangle has developed over a timescale of two hours, and an upward trendline is giving support in the vicinity of $24,000. In the event that Bitcoin prices drop below this level, the next level of support will be somewhere around $23,400. Both the Relative Strength Index (RSI) and the MACD oscillator are now located in the “selling” zone, which is putting more selling pressure on Bitcoin.

A spike in purchasing pressure might lead to a breakthrough over this level, which would expose BTC to the next resistance level at $25,200. Bitcoin’s immediate resistance is located around $24,500, and it is possible that this level will be breached.

The minutes from the Federal Open Market Committee meeting, expected later today, are receiving intense attention from traders and investors. Because of the potential influence of this event on the short- and long-term trends of the cryptocurrency markets, crypto participants tend to focus attentively.