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bitcoin price btc $30k

Bitcoin Price Breaks Above $30K For First Time Since June 2022

Tony "The Bull" by Tony "The Bull"
2 months ago
in BTC
Reading Time: 2 mins read

Bitcoin price is once again pushing higher and breaking boundaries, this time above the key psychological level of $30K per coin. It marks the first time BTCUSD trading above the level since June 2022.

Is this more confirmation of a bullish trend blossoming? Or is this a fake out above resistance before a bigger collapse and possible recession?

Bitcoin Price Moves Back Above $30K Psychological Resistance

Back in mid-2021 after Bitcoin price was rejected from $65K, it first found support at $30K and bounced back to $68K to put in a second, slightly higher high and long term peak. 

After the second rejection, BTCUSD fell into a bear market and ultimately lost $30K, making it the most important line in the sand for bulls to reclaim since below $20K.

Related Reading: Bitcoin Priced In Bank Shares Is The Crypto Chart You Can’t Miss

The top cryptocurrency by market cap spent the last several weeks gearing up for today’s move, which could continue for the near term

With Bitcoin price back above $30K, support turned resistance has been breached. The onus is now on bulls to hold the resistance level and flip it back to support. 

Bitcoin BTC BTCUSDT

 

Bitcoin price has breached back above $30K | BTCUSD on TradingView.com

Why The Resistance Break Matters For Bullish Continuation

BTCUSD is currently trading above $30K for the first time since June 2022, when the entire crypto market crashed due to post-LUNA collapse contagion. The fallout and resulting domino effect led to widespread problems in the crypto industry.

Historically, once Bitcoin price reclaims former support turned resistance, a new bull run begins. There is a technical reason for this, however. 

Related Reading: This Bullish Bitcoin Technical Signal Suggests The Bottom Is In

According to Elliott Wave Principle, corrections form in three waves against the primary trend labeled as ABC. The A-wave finds local support and attempts another high. Depending on if the pattern is a zig-zag, or flat, the B-wave either forms a higher or lower high.

After the B-wave back in the primary trend direction completes, the C-wave reverses course and cuts right through the former support where an abundance of stop losses and positions are located, resulting in a violent move down. Sound familiar?

In the past, each time Bitcoin price reclaimed the key level where the A-wave ended, the bear market bottom was officially in, and a new bull market formed. Is that what’s ahead now that BTC has retaken $30K?

From a technical perspective, reclaiming the A-wave support is the first step in establishing a new bullish trend in #Bitcoin pic.twitter.com/6q6thjS5iI

— Tony "The Bull" (@tonythebullBTC) March 29, 2023

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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