Bitcoin (BTC) Looking All Set To Target $30,000 Once Again
Since the start of 2023, the overall trend of Bitcoin (BTC) has been positive, as the digital asset has already gained a 70% upside.
When we consider that BTC managed these gains despite the geopolitical tensions and US macroeconomic troubles, it becomes an even more impressive feat.
During 2023, Bitcoin has managed to go above $30,000 multiple times, only to lose momentum. But now, it appears that the $30,000 is back on track again.
Bitcoin (BTC) - The End Of The Bear Market
According to experts, the $30,000 target may appear ambitious, but it is a very important level that will signal the end of the bear market.
For now, Bitcoin (BTC) is trading in a bullish trend with strong momentum as well, which made the BTC jump 5% in the last few days. Any further increase in the bullish sentiment will further strengthen the BTC's bullish trend and will lead to more upside.
If we look at the technicals, the 100 EMA (daily), located at $26,525, appears to be putting buying pressure on the BTC.
If this momentum continues, BTC will enter the supply zone 9$28,808 - $29,790), where big sell positions are located. So if the sellers manage to defend the $30,000 once again, it would be bad news for the bulls. But if the bulls overpower the BTC sellers, it would make the BTC jump even higher than the $30K as the sell orders liquidate.
In case of a high-intensity bullish trend, Bitcoin (BTC) will have a real chance of touching the $35,000 mark as well. It was on May 8th when we last saw BTC at these levels.
On the technical side, the RSI and the AO indicators are supporting the case of a bullish BTC. In fact, both of these indicators are getting close to the midline, which signifies the weakening of the bears.
In addition, the 100 EMA (daily) is also providing robust support along with the 200 EMA (daily) located at $25,188.