Tue, November 5

Bitcoin (BTC) Price Surges Above $30K Overnight, Providing Relief For Investors

Bitcoin All Set For a Historic Bull Run Following Correlation With Nasdaq 100 Editors News
  • The lack of a larger pullback helped alleviate concerns about the $22,000 scenario.
  • The $31,500 level may serve as the next significant hurdle.

After a sustained decrease, the price of Bitcoin found support at the $28,500 level. A new uptick began once a new base was established at $28,600. The $29,500 resistance mark and the 100-hourly SMA were both broken. The price even broke through the $30,000 barrier level. However, the price had a difficult challenge in the $30,600 range and is now trading in the $30,300 range.

BTC/USDT: Source: TradingView

Bulls Need to Hold Momentum

In other words, Bitcoin (BTC) reached overnight highs on May 20 as the weakening of the U.S. dollar provided much-needed relief to bulls. Although the pair was still unable to turn $30,000 into dependable support, the lack of a larger pullback helped alleviate concerns that last week’s $22,000 collapse event did not signify the bottom.

As a backdrop to Bitcoin’s good performance, DXY (the U.S. dollar index) dropped 2% in a week from two-decade highs. The S&P 500 ended May 19 down 0.58 percent, and the Nasdaq 100 was down even less, suggesting that the stock market had taken some of the pressure off.

A break of the $30,600 resistance levels might signal the beginning of a new upward trend in the near future. The $31,500 level may serve as the next significant hurdle before the price gains more upward momentum.

Failing to break over the $30,600 level, bitcoin might begin a new downward trend. The $30,000 level serves as an instant resistance level on the downside. The 100-hour SMA and the $29,800 level serve as the following significant level of assistance. According to CMC, the Bitcoin price today is $30,322.67 USD with a 24-hour trading volume of $34,621,832,492 USD. Bitcoin is up 4.44% in the last 24 hours.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.