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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) To Tap Into $30,000 Region Before A Slow Down, Here’s Why

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
SUI continues Rally

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Bitcoin is experiencing a non-stop rally while trading sentiment moves from fear to greed with each new level conquered. While many are still waiting for a price drop to jump into the action, others have rushed into the market fueling the current price action. 

Over the past week, Bitcoin has been moving sideways. As of Thursday, the asset experienced a spike to trade above $29,000 before eventually slipping below $28,000 as a retracement. Meanwhile, at the time of writing, the asset seems to be gearing for a rally up by 0.4%.

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Bitcoin To Tap $30,000 Region Before Slowdown

Bitcoin seems poised to eventually tap into the $30,000 region and beyond sooner or later. However, it is worth noting that this specific price mark could be where Bitcoin starts slowing down from its prolonged rally. 

The asset’s price shows two major highs. One can be found around the $30,000 region, while the other is just above the $40,000 region. 

Bitcoin price chart on TradingView
Bitcoin price is moving sideways to major highs on the 1-day chart. Source: BTC/USDT on TradingView.com

In the daily timeframe, the asset is looking to tap into the liquidity of the major high at the $30,000 zone as it is closer to that level. Should Bitcoin eventually tap into that zone, we could see a major slowdown in the rally before resuming the bullish momentum. 

This is because on every price chart, the liquidity of a major high as being taken there is always either a significant retracement or a prolonged range. This dynamic hints at accumulation from investors before a push that results in a bullish move or an expansion to the upside.

In addition, major highs also provide a take-profit opportunity for larger investors who might not be in it long-term. This means several large investors would have put a set take profit on their long position for Bitcoin, which will be triggered if Bitcoin should ever tap into the $30,000 zone. 

In that sense, Bitcoin could trend sideways or plummet into previous support if large investors decide to take profits on their positions.

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Bitcoin Investors Remain Greedy Despite Low Momentum, Why?

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BTC Price Action 

Following BTC’s rebound amid the US banking crisis, it has continuously risen in the past 7 days. The asset has moved from $28,000 as of March 24 to trade at $24,463 at the time of writing after a price spike above $29,000 yesterday.

Bitcoin currently has a 24-hour trading volume of $21.7 billion, with a market capitalization of $549 billion. Interestingly, the asset’s market cap hasn’t moved much over the past 7 days. Its market cap was still valued at $542 billion last week Friday.

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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