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October 4, 2022
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Guide & Analysis

Bitcoin tests the $30k house again! Does it break?

Once again, Bitcoin tests around $30k!

Bitcoin price has remained in a falling zone, still over support, for 2 months now and worries investors. Many analysts say the BTC is in a possible distribution zone and the probability of breaking the 30-28k support zone is quite high.

One more comes the price comes to test the support. But, there are 2 good signs in the middle of it all:

→ 1 – On the daily chart we start to see price rejection on support, forming the famous candlesticks.

→ 2 – The 89- and 200-period moving averages are far from the price, which could indicate a possible oversold.

Add to that the very strong (blue) support zone, if there is no break down, we can start a recovery from this point on.

Is $30k the new $3k?

A reference to Bear Market’s 2018 minimum support, some analysts claim 30k support is the strong new support that will propel the digital currency into a new Bull Run.

We don’t know, but it’s a good bet.

Special attention is only on this breakup. If it loses that support, then it’s ground – that is – we’ll probably see the BTC price look for the $23-20k zones.

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