Bitcoin Price Struggles for Bullish Momentum Despite Rising Above $30,250
Bitcoin's price has advanced beyond the $30,250 zone, although it is having difficulty gaining the same bullish momentum as Ethereum, which could have propelled it above $31,000.
Arslan Butt•Friday, April 14, 2023•1 min read
While bulls succeeded in pushing Ethereum past the $2,000 and $2,050 resistance levels, Bitcoin did not follow suit, only managing to climb above the $30,250 resistance. The BTC/USD pair saw a break above a significant declining channel with resistance close to $30,200 on its hourly chart.
As for potential support during dips in Bitcoin’s price, if it cannot surpass the $30,750 resistance, a downside correction may occur. Immediate support on the downside lies near the $30,400 level, with the next critical support close to the $30,250 zone or the 50% Fibonacci retracement level of the upward move from the $29,645 swing low to the $30,911 high. A downward break and close below the $30,250 support could drive the price towards the $30,000 support level. Further losses might push the price towards the 100-hour Simple Moving Average.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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