A New Era: Bitcoin Breaks Macro Downtrend Line And Targets $30,000

Ronaldo Marquez

1 year ago

2 mins read

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Bitcoin (BTC) has significantly recovered from its recent 20% drop below the $20,000 level. It is now reaching previously lost levels with strong buying pressure amid the financial crisis in the United States banking sector.

The industry’s largest cryptocurrency by market cap has breached the $25,000 zone and successfully retested the resistance wall at this level. Moreover, fueled by a high number of short liquidations of up to $280 million in the last 24 hours, BTC seems poised to reach higher levels ahead of the 2022 downtrend.

Bitcoin was created to endure a banking crisis. Thus, the global cryptocurrency market is thriving and regaining investors’ confidence, turning their eyes to the nascent industry. Is this all part of a new bull market?

Macro Downtrend Is Over For Bitcoin?

Bitcoin is trading well above the macro downtrend line, which was placed at $24,800, after retesting and bouncing off the 111-day moving average (MA) of the Pi cycle that has supported BTC.

According to a Twitter post by crypto analyst Rekt Capital, a monthly close above the $24,800 downtrend line could confirm a new cycle for the largest cryptocurrency on the market.

If BTC holds about the resistance and the broken downtrend line at $25,200, it could go even higher. If Bitcoin can sustain its current price action and consolidate above the current level, it could target the $30,000 level next.

BTC Price Action Boosts Confidence Among Investors

According to reporter Colin Wu, Bitcoin reported a new milestone reached in the past 24 hours. The notional value of BTC options trading volume has climbed to $2.5 billion, the second highest in history.

Moreover, liquidity is leaving the shores of the U.S. jurisdiction into crypto markets, providing the necessary liquidity for the current uptrend. In line with this, the price of Bitcoin has risen over 20% in the last few days, showing investors’ confidence.

In addition, the nascent industry’s total market capitalization continues to proliferate after dipping below the $1 trillion mark. Holding above its 200-day moving average, the market cap seems poised to regain its lost ground.

With all of the above, a new era sisupon the crypto industry, with the largest cryptocurrencies in the market leading the way and hungry for a new macro bull trend in the coming months.

Bitcoin is currently trading at $25,900 after reaching the $26,400 level. This represents a significant gain of 7.4% in the last 24 hours and 16% in the previous seven days.

Featured image from Unsplash, chart from TradingView.com

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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