Bitcoin បដិសេធការធ្លាក់ចុះនៅ $ 29k នេះជាមូលហេតុដែលល្អ។

Today’s Bitcoin price analysis is positive, as a dip to $29,000 was met with solid support and rejection, indicating that additional downside is unlikely. As a result, BTC/USD is expected to rise further in the next days, most likely above the $31,000 resistance level.

Naturally, the psychological price of $30,000 for Bitcoin implies a solid purchase zone. We’ll look at why Bitcoin’s recent consolidation around $30,000 is a promising sign of future price increases.

Bitcoin Fall 57% From ATH

Bitcoin prices have fallen from a high of $69,600 to a current level of $29,350. The entire cryptocurrency market was destroyed by this 57 percent price decrease. As a result of the decreasing prices, a snowball effect began to occur, causing other crypto projects to be hit and sink even more.

The price range of $30,000 for Bitcoin is critical. Many large corporations bought Bitcoins at that price. Furthermore, as shown in Figure 2, Bitcoin prices historically consolidated around those precise positions before beginning an advance.

BTC/USD 1-day chart showing the consolidation area. Source: ទិដ្ឋភាពពាណិជ្ជកម្ម

For more than a week, bitcoin has been trading sideways, with the $31,000 mark acting as solid resistance. Meanwhile, significant support has been established at $29,000, signaling a clear consolidation region that must be overcome before the market can continue to develop.

The previous high was set at the same level as the previous low, signaling market hesitation. As a result, the recent $29,000 test could lead to another retest of the resistance.

ការអានដែលទាក់ទង | ការបិទក្រហមចំនួនប្រាំបីជាប់គ្នា: តើ Bitcoin ត្រូវបានដឹកនាំសម្រាប់ការងើបឡើងវិញទេ?

Will Consolidation occur?

ប្រសិនបើតម្លៃ BTC ធ្លាក់ចុះក្រោម $28,000 ម្តងទៀត តំបន់គាំទ្របន្ទាប់នឹងមានប្រហែល $20,000។ ទោះយ៉ាងណាក៏ដោយ វាទំនងជាថាតម្លៃនឹងកើនឡើងពីដំណាក់កាលបង្រួបបង្រួមតម្លៃ Bitcoin នេះ។ គោលដៅទីមួយគឺប្រហែល $35,000 ឬការកើនឡើង 17% នៅក្នុងតម្លៃ។ បន្ទាប់ពីនោះ តម្លៃគួរតែកំណត់តម្លៃផ្លូវចិត្តបន្ទាប់ 40,000 ដុល្លារ។ ពីទីនោះ យើងប្រហែលជាឃើញការកែតម្រូវទាបជាងបន្តិច ប៉ុន្តែក្នុងរយៈពេលយូរ តម្លៃគួរតែបំបែកខ្ពស់ជាងនេះ។ នេះនឹងសម្គាល់ការចាប់ផ្តើមជាផ្លូវការនៃនិន្នាការកើនឡើង។

In order for bitcoin’s price to establish a foothold at the bottom in the short term, according to Josh Olszewicz, head of research at investment management Valkyrie, volatility must reduce.

“We can look at things like the 200-week moving average, which is around $22,000. We can look at realized price, which is the average price of coins that have moved on-chain, which is around $23,800,” Olszewicz said on CoinDesk TV’s “First Mover” program. “This [movement to hit bottom] will probably take at least all of Q3, perhaps Q4 as well, if it were to happen this year.”

Other variables, like as the US Federal Reserve boosting interest rates, are also influencing bitcoin’s market performance, according to Olszewicz.

He speculated that institutional investors may be in the forefront of the downturn. The average size of on-chain transactions, according to Olszewicz, is in the tens of thousands of BTC.

Nonetheless, according to Olszewicz, ordinary traders continue to influence market movement more than institutional investors. Those learning about cryptocurrencies are now jumping in during this bear market to “test the waters” and “see if they can survive,” according to him.

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Featured image from iStock photo, chart from TradingView.com