For long-term investors, the question is how long it will take for BTC to break beyond $30,000 and climb to new highs
Bitcoin holds steady these days, oscillating around the $30,000 psychological level that remains in the market focus. Struggling for direction, the most popular digital currency is approaching the descending 20-DMA, today at $30,500. It looks like this moving average could deter BTC bulls, especially as buyers stay indecisive since the plunge in the crypto space that took place earlier this month.
On the positive side, the daily RSI is pointing slightly higher in neutral territory, which implies that there is room for more robust gains in the near term. However, as digital currencies continue to closely correlate with traditional stock markets, risks remain tilted to the downside at this stage. Following mostly negative dynamics on Wall Street, European equities are trending north on Wednesday, suggesting risk sentiment improves again. But recovery still looks fragile, with various risks persisting across the globe.
For long-term investors, the question is how long it will take for BTC to break beyond $30,000 and climb to new highs. Now, it looks like the bitcoin price recovery may not happen soon as sentiment in global financial markets remains unstable, with inflation and geopolitical worries persisting while rising recession worries add to investors’ nervousness.
On the downside, the immediate support arrives at $28,600, followed by the $25,000 mark that capped the plunge witnessed earlier this month. On Wednesday, BTCUSD retains a modest bullish bias, adding to some improvement in the momentum. This implies that the coin could overcome the $31,000 figure in the coming days should the trend continue. Then, the market focus would shift towards the $33,000 resistance zone. However, the cryptocurrency would need to overcome the mentioned moving average first.