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Bitcoin Needs to Break This Level Before Pushing for $30K (BTC Price Analysis)

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TL;DR:

  • Bitcoin is consolidating above $25K, aiming for $30K.
  • Daily chart shows rejection from $25K support but hints at potential retest of $30K.
  • The 4-hour chart suggests a bullish reversal pattern towards $30K.
  • Short-term Holder SOPR indicates selling below buying price due to recent price drop.

Facts:

  • Daily Chart Analysis:
    • Price rejected from $25K support and heading towards $28K resistance.
    • RSI indicator signals buyer momentum.
  • 4-Hour Chart Analysis:
    • Attempting breakout from a falling wedge pattern, targeting $30K.
    • RSI’s bullish divergence supports a rise to $30K.
  • On-chain Analysis – Short-Term Holder SOPR:
    • Short-term holders selling below buying price, fearing further losses.
    • Continued behavior might increase supply, potentially lowering the market.

Source: CryptoPotato

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