- BTC was able to rise above the psychological $30K level over the past 24 hours of trading.
- This attracted the attention of traders as BTC’s volume rose by more than 50% since yesterday.
- A noteworthy bullish technical flag was on the verge of being triggered on BTC’s daily chart.
Things are looking up for the market leader Bitcoin (BTC) after its price was able to conquer the $30K level over the past 24 hours of trading. This came after BTC’s price rose by more than 2% during this time period. Since then, its price has fallen below the psychological level and it was trading hands at $29,552.22 at press time, according to CoinMarketCap.
This boost in BTC’s price also enabled it to strengthen against Ethereum (ETH) by about 0.85%. Additionally, the market leader’s 24-hour trading volume shot up by more than 50% throughout the past day, which left it standing at around $19.68 billion.
The on-chain analytics platform, Santiment, shared on Twitter earlier this morning that BTC’s visit above $30K caught the attention of traders as volumes were rising for the crypto king. Santiment also revealed that BTC’s latest move could shift negative sentiments toward BTC to positive ones.
This is worth taking note of as it could suggest that traders are shifting their attention away from altcoins to focus on BTC specifically for the next few weeks. The approach of BTC’s halving could certainly also be a contributor to the shift in sentiment and attention toward BTC.
From a technical perspective, BTC was able to reach a high of $30,047.50 earlier in today’s trading session. Despite dropping back below the significant price point, a short-term bullish technical flag that was on the verge of being triggered suggests the market leader may close today’s daily candle above $30K.
The 9-day EMA line was attempting to cross bullishly above the 20-day EMA line. Should these two technical indicators cross, it will signal that the cryptocurrency has entered into a short-term positive trend. In this scenario, BTC may have the momentum needed to close a daily candle above $30K. This will then clear a path for it to rise to $32K.
On the other hand, if BTC is unable to close a daily candle above the $30K benchmark within the next 48 hours, then it may be at risk of falling to the next crucial support level. Consequently, BTC could see its price fall to as low as $27K in the upcoming week.
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