After nosediving to lows of $26K, a scenario that was last seen in December 2020, (BTC) has gained momentum and breached the psychological price of $30,000.
The leading cryptocurrency was up by 9.05% in the last 24 hours to hit $30,270 during intraday trading, according to CoinMarketCap.
BTC address activity has remained strong in the midst of the price drop. On-chain insight provider Santiment :
“The silver lining to this -33% drop the past 3 weeks is that BTC's address activity has remained steady. The divergence between addresses & price is at a 16-month high.”
Source:Santiment
For Bitcoin to maintain the short-term momentum and short squeeze, market analyst Michael van de Poppe it should hold the $30K level. It's an area to watch because 505,000 BTC were previously purchased at this zone.
Crypto analyst Ali Martinez :
“Any rebound could be capped at $30,000 where 390,000 addresses would likely try to break even on the 505,000 BTC they had previously purchased. Notice that closing below the $26,500 support level leaves BTC open for a downswing toward $22,000-$20,000.”
Meanwhile, crypto trader Rekt Capital :
“For BTC to develop some semblance of bullish momentum, it needs to keep ~$28600 as support for price to challenge ~$32000 (orange).”
Source:TradingView
Therefore, regaining the $30K zone is a good start for Bitcoin in its quest to have a sustained bullish momentum.
The recent lows of $26,000 in the BTC market were triggered by Fed’s interest rate hike and the Terra crash, whereby LUNA, despite being one of the top ten previously, nearly 100% of its value within a day.
Image source: Shutterstock
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